U.S. Treasury Secretary Scott Bessent attends a Senate Finance Committee hearing on Wednesday, June 3, 2026 in Washington, DC, USA.
Eric Lee | Bloomberg | Getty Images
Hello, my name is Justina Lee from Singapore. Welcome to another edition of CNBC’s Daily Open.
The AI race between the US and China continues to intensify amid signs that the Trump administration may impose sanctions on China over the “theft” of AI models, while OpenAI ramps up efforts for a potentially large initial public offering.
President Donald Trump’s tariffs also appear to be on the way, as the White House works to recreate the protectionist trade policies that hit hard earlier this year.
Meanwhile, the Middle East conflict continues to escalate, with US Central Command announcing an 11th consecutive night of attacks on Iran amid reports that a regional mediator has proposed a 10-day cease-fire.
What you need to know today
The AI competition between the United States and China is heating up even further, with Treasury Secretary Scott Bessent saying the Trump administration will investigate whether China’s AI models are derived from American models.
China’s open-ended model is gaining momentum against major products from US companies such as OpenAI and Anthropic, raising concerns about whether the US can still maintain its lead in the AI race. “Especially when we see foreign models stealing from our great companies, we have the ability to sanction models for this theft,” Bessent said Tuesday on Fox Business’ “Morning with Maria.”
Meanwhile, OpenAI announced the appointment of longtime financial executives David Velez and Robin Vince to its nonprofit and for-profit boards, ramping up efforts toward a potentially large initial public offering.
Lobbying efforts by tech giants are also drawing attention from investors. Two major AI developers, OpenAI and Anthropic, spent a total of $3.17 million in the second quarter, a 23% increase over the first three months of the year, according to federal disclosures. Monitoring lobbying spending is a way to determine which companies and industries are working most aggressively to influence the federal government.
Tariffs are also back in the spotlight after U.S. Trade Representative Jamison Greer suggested on Tuesday that additional tariffs are on the way from President Donald Trump. Asked on CNBC’s “Squawk Box” if new tariffs would be imposed, Greer said: “We’re hopeful that some action will be taken soon.” The White House is working to rebuild protectionist trade policies that were hit hard earlier this year.
Meanwhile, the conflict in the Middle East continues to escalate, with US Central Command announcing that it has carried out 11 consecutive nights of airstrikes on Iran. However, reports that a regional mediator has proposed a 10-day cease-fire to both countries could put last month’s memorandum back on track.
