Hassett: China will lose AI race without Nvidia chips

United States National Economic Council (NEC) Director Kevin Hassett estimated on Thursday that China will "lose the artificial intelligence race" if it stops importing Nvidia's chips. He told Fox News that Treasury Secretary Scott Bessent speaks to Chinese officials "practically every day" and that the two sides have made an "enormous amount of progress," but there is still work to do. He also expressed concern that China has stopped buying American agricultural products.

Turning to the US economy, Hassett said inflation has "dropped sharply" and growth is high. He insisted that tariffs imposed by the US only caused a "one-off price adjustment" and that a "supply-side boom" could push growth up without also increasing inflation.