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Markets and Economy
Trump vs. Harris: Election changes course
Voters, party leaders, and down-ballot candidates have had to quickly shift gears from a Trump-Biden rematch to a Trump-Harris showdown in the 2024 presidential election.
The development and deployment of artificial intelligence (AI) continues to move at breakneck speed. But legislation moves at a more glacial pace, leaving us all to wonder what the rules of the road will ultimately be for this emerging technology. Political affiliation and personal opinions aside, one thing is irrefutable — AI isn’t going away, and the world must adapt and regulate it, or it has the potential to run amok, running the risk of irreversible societal damage.
But how will regulation be implemented? In this special edition of our Washington Newsletter, we explore how different regions around the world are approaching the challenges and opportunities of AI.
In the US, with the November presidential election looming, more than a dozen states have or are considering varying steps to get ahead of the dangers of AI and “deepfakes” in elections. These steps include outright bans, disclosures, and fines for candidates and/or outside groups that use AI or deepfakes without proper approval. Legislators have also introduced bipartisan legislation that would require financial regulators to address uses of AI-generated content that could disrupt financial markets.
The European Union is regulating AI systems using a risk-based approach, categorizing systems on a spectrum ranging from “general purpose” to “unacceptable risk.” With the EU AI Act expected to become law in Q2 2024, there will be an array of new rules for providers and users of AI systems, as well as penalties for infringements.
The United Kingdom has chosen not to legislate AI at this stage, but rather to set out a principles-based, non-statutory framework for regulating AI — an approach that the UK government has described as “pro-innovation.”
In the Asia-Pacific region, there’s considerable excitement about the potential for AI to accelerate economic growth, raise living standards, and improve health care and education. While the regulatory stance differs across the Asia-Pacific, several countries have already taken important steps towards clarifying their approach to regulation on AI safety.
Also in this edition:
Download the Q2 edition of our Washington Newsletter.
Trump vs. Harris: Election changes course
Voters, party leaders, and down-ballot candidates have had to quickly shift gears from a Trump-Biden rematch to a Trump-Harris showdown in the 2024 presidential election.
Midyear Global Public Policy Outlook
We share our views on each region’s political contests, fiscal initiatives, geopolitical issues, and regulations.
US election update: The race is on
As we size up sentiment for the general election, Trump leads the way in key battleground states on the economy and border, while Biden polls better on abortion.
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The opinions referenced above are those of the author as of April 8, 2024. These comments should not be construed as recommendations, but as an illustration of broader themes. Forward-looking statements are not guarantees of future results. They involve risks, uncertainties, and assumptions; there can be no assurance that actual results will not differ materially from expectations.
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