Trump, Xi Meet in Beijing Amid AI Race Tensions
President Donald Trump met with Chinese leader Xi Jinping in Beijing this week alongside his top science adviser and Nvidia CEO Jensen Huang, amid ongoing U.S.-China competition for artificial intelligence supremacy. China's foreign ministry declined to confirm any concrete outcomes from the talks on AI collaboration. Academic experts have outlined potential areas for cooperation, including safety standards, ethics frameworks, and cybersecurity governance. However, American AI company Anthropic recently launched a model explicitly barring users in China, illustrating limited commercial appetite for deeper collaboration.
Russia and Ukraine swap 205 prisoners each in US-brokered deal
Russia and Ukraine exchanged 205 prisoners each on Friday, the first stage of a planned 1,000-for-1,000 swap brokered by the United States as part of a three-day ceasefire around Russia's Victory Day. The exchange was mediated with assistance from the United Arab Emirates. Russia's prison population has dropped nearly 40 percent over five years, from 465,000 to 282,000, partly due to military recruitment of inmates to fight in Ukraine. Thousands of prisoners now work on production sites supporting the war effort, generating 5.5 billion rubles for the operation.
Russia's biggest aerial barrage since invasion kills 24 in Kyiv
Russia launched its largest aerial barrage against Ukraine since the full-scale invasion began, killing at least 24 people when a cruise missile demolished a section of a nine-story apartment building in Kyiv. The attack damaged at least 180 facilities including 50 residential buildings. German Chancellor Friedrich Merz condemned Russia's "escalation of the conflict." Ukraine and Russia exchanged 205 prisoners of war each as the war reached day 1,541.
Trump won't say if US would defend Taiwan in war with China
Trump said he will decide within days whether to lift sanctions on Chinese oil refiners that purchase Iranian oil, following talks with President Xi Jinping in Beijing. The United States previously penalized companies including Hengli Petrochemical as part of a maximum pressure campaign against Tehran. During the return flight, Trump said patience with Iran was running out and that Xi agreed Tehran cannot possess nuclear weapons. He said he would accept a 20-year nuclear suspension if Tehran provides real guarantees. When Xi asked whether the United States would defend Taiwan from Chinese attack, Trump declined to answer.
Japan's megabanks post record profits as deflation ends
Mizuho Financial Group reported a 661 percent surge in fourth-quarter net profit to 228.7 billion yen ($1.44 billion). MUFG logged a 438 percent jump in fourth-quarter net profit to 613.7 billion yen ($3.87 billion), achieving annual net profit of 2.43 trillion yen ($15.34 billion). Analysts attributed the results to Japan's exit from deflation, which has spurred corporate demand for financing, while the Bank of Japan's three interest rate hikes since March 2024 have widened lending margins. Mizuho's domestic loan balance grew to 57.8 trillion yen, demonstrating the sector's resilience despite market volatility.
Xi invokes Thucydides' Trap in warning to Trump on China-US ties
President Xi invoked the **Thucydides' Trap** during his summit with President Trump in Beijing, warning that conflict could erupt as China rises to challenge American dominance. Xi asked whether the two largest economies could establish a "new paradigm for great power relations" that avoids war. The leaders agreed to build ties based on "constructive strategic stability" for the next three years. Political scientist Graham Allison, who coined the term, said 12 of 16 historical cases of rising powers challenging dominant ones ended in war. "It would not be wrong to say war is likely," Allison said.
More
- UAE Orders ADNOC to Double Oil Export Capacity by 2027. Crown Prince Sheikh Khaled directed ADNOC to accelerate the Fujairah pipeline, providing a route to bypass the disrupted Strait of Hormuz and maintain oil supplies amid severe shipping disruptions affecting a fifth of global oil flows.
- Africa CDC declares Ebola outbreak in eastern DRC province. About 246 suspected cases and 65 deaths have been reported in Ituri province, with officials concerned about rapid spread through urban centres and mining communities. Cross-border surveillance with Uganda and South Sudan is underway.
- Ackman bets on Microsoft as shares tumble 15%. The position, via the newly launched Pershing Square USA fund, adds Microsoft to a portfolio that already includes Meta, Amazon and Alphabet.
- Iran says US willing to continue talks as ceasefire holds. Araghchi says the April 8 ceasefire remains in effect but is fragile, with diplomatic efforts resuming after 40 days of US military pressure and deep mutual mistrust between the two sides.
- Trump holds off on $14bn Taiwan arms sale after Xi warning. Xi told Trump that Taiwan represents a "red line" and mishandling the issue could push both nations into "extremely dangerous" conflict, with the leaders explicitly addressing Taiwan's status for the first time in U.S.-China summit tradition.