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President Donald Trump welcomes China's Xi Jinping to Washington today for a state visit that looks more focused on pageantry than policy, with low expectations for breakthroughs on long-standing feuds. The summit will bring together a robust gathering of US corporate leaders, but no comparable delegation from China, raising questions about the prospects of even any new business. One area Trump and Xi may find common ground is AI safety. While Silicon Valley debates the possibility of the technology wiping out humanity, Washington and Beijing have signaled no intention to slow down development. Meanwhile, energy risks and related inflationary impacts tied to conflict in the Middle East continue to weigh on global economies.

On today's episode:

• Heidi Crebo-Rediker, Senior Fellow for Geoeconomics at the Council on Foreign Relations
• Spanish Prime Minister Pedro Sanchez
• Kyle Stock, Bloomberg News Senior Correspondent
• Mark Gurman, Bloomberg News Managing Editor for Global Consumer Tech