Top Stories This Morning: Trump Threatens Iran, U.S. Offers China Dialogue on AI, Oil Prices Fall
Oil prices fell by more than 2% amid expectations that supplies from Saudi Arabia will resume / Photo: Shutterstock.com
Donald Trump threatened to destroy Iran’s economy or its leadership if Tehran does not strike a deal with Washington. The U.S. has proposed to China that they establish a mechanism for reporting incidents involving AI. Read about these and other topics in our roundup of key events as of the morning of September 21.
Trump threatened to destroy Iran's economy or its leadership
U.S. President Donald Trump said that if Tehran does not strike a deal with Washington, the U.S. could “destroy Iran” or let its economy “rot,” according to CNBC. Trump also left open the possibility of meeting with Iranian President Masoud Pezeshkian on the sidelines of the UN General Assembly in New York.
The Iranian military claimed that the U.S. and its allies are allegedly preparing a new large-scale strike and threatened a “painful” response against American targets and interests in the Middle East. Amid the escalation, Brent crude fell 1.7% to $102.15 per barrel, though the Eurasia Group expects prices to range between $90 and $110 through the end of the year.
The U.S. has proposed a mechanism to China for reporting AI threats
U.S. Treasury Secretary Scott Bessent and ViceDeputy Premier He Lifeng of the People’s Republic of China have concluded talks in New York, during which the U.S. side proposed establishing a mechanism for exchanging notifications about AI-related incidents that could affect national security, Reuters reports. The proposal is set to be discussed by Donald Trump and Xi Jinping at a meeting this week.
The U.S. also proposed launching a separate U.S.-China dialogue on AI. Export restrictions on advanced AI chips and semiconductor manufacturing equipment were not discussed during these talks.
Oil prices fell by more than 2% amid expectations that supplies from Saudi Arabia would resume
Oil prices fell by more than 2% amid expectations that supplies from Saudi Arabia would resume, despite missile and drone attacks by the Iran-backed Houthis, according to CNBC. November Brent futures fell 2.2% to $101.56 per barrel, while WTI futures fell to $98.06.
JPMorgan noted that oil flows from the Middle East remain relatively stable, although risks to supply persist. Donald Trump’s statements about a possible further escalation of the conflict with Iran have created additional uncertainty.
Shares of Chinese biopharmaceutical companies rose on reports of a relaxation of U.S. regulations
Shares of Chinese biopharmaceutical companies rose in Hong Kong following a Reuters report on Friday that the U.S. Treasury Department is drafting regulations that could allow American pharmaceutical companies to continue licensing most drugs developed by Chinese companies, according to CNBC. Innovent Biologics rose 6%, Akeso and Sino Biopharmaceutical rose 8%, and the Hang Seng Biotech Index gained more than 5%.
The restrictions are expected to primarily affect research and development related to pathogens or dual-use technologies, the TV channel reports. In the first half of 2026, Chinese companies concluded a record 81 licensing deals worth $110 billion, and Nomura expects further growth in such agreements between China and the U.S.
CNN: Paramount Is in Talks to Settle a Lawsuit Challenging the Acquisition of Warner Bros. Discovery
Paramount is in advanced negotiations with state attorneys general to settle an antitrust lawsuit that is blocking the acquisition of Warner Bros. Discovery, CNN reports, citing sources. California Attorney General Rob Bonta supports the deal, but New York, Connecticut, and several other states are demanding additional safeguards, including protections for employees and the independence of CNN and CBS News.
If no agreement is reached, the case could go to court in California in March 2027, which could jeopardize the deal. Among the possible concessions Paramount is considering are independent monitoring of CNN’s content, commitments regarding film distribution, and the temporary continuation of the studios’ separate operations, the network reports.
What's Happening in the Markets
— The Tokyo Stock Exchange is closed for a public holiday.
— Hong Kong's Hang Seng Index rose 0.4%, while mainland China's CSI 300 Index rose 0.2%.
— In South Korea, the KOSPI rose 1.6%, and the KOSDAQ rose 0.8%.
— Australia's S&P/ASX 200 remained virtually unchanged.
— Nasdaq 100 futures rose 0.5%, S&P 500 futures rose 0.4%, and Dow Jones Industrial Average futures rose 0.3%.
This article was AI-translated and verified by a human editor
