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WATCH: Biden Tells China's Xi That Competition Can't Veer Into Conflict

Source: Bloomberg

Good morning. Biden and Xi met for the first time in more than a year. Microsoft unveiled new homegrown AI chips. The US said it will enforce sanctions against Iran. Here’s what you need to know today.

US President Joe Biden and Chinese counterpart Xi Jinping kicked off their first meeting in more than a year on Wednesday, with hopes of repairing a relationship strained by economic competition and military and diplomatic missteps. Xi said the US-China relationship is “the most important bilateral relationship in the world.” Biden said the two leaders made real progress after the meeting.