Trump Restricts Access to Advanced Nvidia Chips
President Trump announced that only American firms will have access to the most advanced Nvidia (NVDA) chips, explicitly excluding China and other nations from procurement.
Speaking to reporters aboard Air Force One, Trump declared that the premium Nvidia Blackwell chips would be exclusively available to US customers.
“We will not permit anyone outside the United States to access the most advanced technology,” he stated.
This pronouncement followed a weekend release from the White House, which elaborated on a newly crafted trade agreement between Trump and China’s President Xi Jinping during their recent discussions in South Korea.
The accord stipulates that China will refrain from imposing additional export restrictions on rare earth elements and will terminate inquiries into US semiconductor companies.
In return, the US will temporarily suspend Trump’s “reciprocal tariffs” on China for an additional year, including halting a proposed 100% tariff on Chinese exports to the US scheduled to begin this month.
The recent agreement is viewed as a pivotal moment in alleviating trade tensions between the globe’s two largest economies, following a prolonged phase of turmoil.
Key aspects of this thaw include:
- The US tariff on goods associated with fentanyl production will decrease from 20% to 10%, contingent upon China’s commitment to diligently combat trafficking. This adjustment will lower overall tariffs on Chinese goods from 57% to 47%.
- Trump indicated that China would augment its purchases of American energy, hinting at a specific agreement involving Alaskan oil and gas.
- According to Trump, China will imminently resume buying “substantial quantities” of US soybeans.
- The US Supreme Court is poised to deliberate on a challenge to Trump’s extensive tariffs known as the “reciprocal” duties imposed on various countries.
A ruling unfavorable to Trump—one aligned with lower court findings—could profoundly affect his tariff strategies.
Trump mentioned his intention to forgo attending the Supreme Court hearing focused on the legitimacy of his global tariffs. - Treasury Secretary Scott Bessent has indicated that the Supreme Court, meeting on Wednesday to assess the legality of Trump’s tariffs, may not yield a favorable outcome for critics, suggesting alternative legal avenues for the administration.
- A dispute over an advertisement featuring the late Ronald Reagan escalated into an international issue, with Trump threatening to increase tariffs on Canada by an additional 10%.
- The US Senate has passed resolutions aimed at dismantling several of Trump’s country-specific tariffs, marking a rare dissent from some members of his own party.
Source link: Finance.yahoo.com.
