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This report is from this week’s CNBC’s The China Connection newsletter, which brings you insights and analysis on what’s driving the world’s second-largest economy. You can subscribe here.

America’s AI competition with China is coming for cryptocurrencies.

At least that’s what U.S. President Donald Trump suggested following his meeting last Thursday with Chinese President Xi Jinping — a trade negotiation closely watched around the world.

“I wanna make crypto great for America,” Trump told CBS News. “The same way we’re number one with AI, we’re number one with crypto. And I wanna keep it that way.”