President Donald Trump signed an executive order Jan. 23 aimed at eliminating what he describes as "harmful" AI policies from the Biden administration, with the goal of reestablishing the U.S. as a global leader in AI innovation.

President Trump’s action revoking former President Biden's executive order on AI safety raises expectations for corporate boards to closely monitor technology risks.

The order calls for the development of an AI action plan and sets up a process for revoking actions taken under President Biden’s previous AI executive order signed in October 2023.

Silicon Valley and Washington leaders said the app shows China can challenge the U.S. The Nasdaq lost 3 percent and chipmaker Nvidia shed $589 billion in market capitalization.

Read about President Trump's executive order that directs the development of an AI action plan and revokes existing directives.

The order has ignited debate over the balance between fostering innovation and addressing critical issues such as privacy, security, and ethical standards.

Biden’s EO established industry reporting requirements on the riskiest systems.

Biden's Executive Order 14110 of Oct. 30, 2023 was aimed at developers of "the most powerful" AI systems. It required reporting of potential AI risks and sharing of results of their red-team safety tests with federal agencies.

President Donald Trump said Monday that the sudden rise of Chinese AI app DeepSeek “should be a wake-up call” for America’s tech companies.

Trump has previously promised to reinstate the 8,000 personnel who were discharged, with full backpay expected to be given. This move would follow his revoking of a mandate that federal workers must be vaccinated against Covid introduced by Joe Biden, one of a number of reversals of his predecessors policies.