US President Donald Trump and representatives of leading technology companies have agreed on a voluntary AI safety pact that largely leaves companies to regulate themselves. The “White House Accord” includes internal controls, external audits, and stronger oversight by corporate boards. However, it does not provide for legally binding penalties.
This approach stands in stark contrast to the European Union’s AI Act, which imposes legally binding requirements on AI companies operating in the EU. Providers of powerful AI models must assess risks, report serious incidents, and protect their systems against cyberattacks. Companies that violate the rules can face fines of up to €15 million or 3% of their global annual turnover.