[DEVELOPING] Trump-Xi summit ends with no chip-export deal; AI incident hotline proposed, not final; $30B tariff carve-out
The Sep 23-25 summit produced a $30B tariff carve-out and a proposed AI incident-notification channel between Treasury Secretary Bessent and Vice Premier He Lifeng, but no change to chip export controls: USTR Greer said controls were not on the agenda, the December 2025 H200 carve-out stands and Blackwell/Rubin remain restricted. Read-through: Nvidia's China revenue stays capped at H200-class parts while Huawei and Alibaba fill the gap, and the hotline, if finalized, would be the first bilateral AI-safety mechanism. Watch: whether the incident-notification channel is formalized and any BIS rule change. Single publisher so far (three CNBC reports).