President Trump said on Sunday that the most advanced Nvidia (NVDA) chips will be reserved for US companies and kept out of China and other countries.
In comments to reporters aboard Air Force One, Trump said only US-customers will have access to high-quality Nvidia Blackwell chips.
“The most advanced, we will not let anybody have them other than the United States,” Trump said.
Trump also said he planned to skip the Supreme Court hearing this week over the legality of his global tariffs.
“I don’t want to call a lot of attention to me,” Trump told reporters on Air Force One as he returned to Washington from his Mar-a-Lago estate on Sunday. “It’s not about me, it’s about our country.”
The White House released a fact sheet late Saturday with more details about the trade agreement ironed out between Trump and China’s President Xi Jinping in South Korea last week,
China will suspend additional export controls on rare earth metals and end investigations into US chip companies, according to the new release. The US will pause some of Trump’s “reciprocal tariffs” on China for another year and will halt plans to slap a 100% tariff on Chinese exports to the US that was set to take effect this month.
The agreement struck between Trump and Xi came after months of chaos and confusion, putting on ice a trade war between the world’s two largest economies.
Here are some other key details we know about the thaw:
The US tariff on goods related to the production of fentanyl will drop from 20% to 10% with a promise China would work “very hard to stop the flow.” That means overall tariffs on Chinese goods will be cut to 47% from 57%.
The US will mediate talks between Beijing and Nvidia’s (NVDA) CEO Jensen Huang over China’s use of restricted chips.
Trump said China would purchase more US energy as part of a wider trade truce, and hinted at an unspecified transaction involving Alaskan oil and gas.
China will resume buying “tremendous amounts” of US soybeans “starting immediately,” Trump said.
Despite questions about the truce’s ultimate durability, the moment represents a milestone for the US and China after Trump amped up trade threats against China almost immediately upon returning to office, rattling markets and unnerving investors.
Trump said the US and South Korea had reached a deal after months of negotiating on a framework agreement. Also, Trump and Japan’s first female leader, Sanae Takaichi, signed deals relating to trade and rare earths.
A spat over an ad featuring the late Ronald Reagan has grown into an international incident, with Trump threatening to raise tariffs on Canada by an additional 10%. Trump said he is stopping all negotiations with Canada.
The US Senate passed several resolutions this week that would end several of Trump’s country-specific tariffs, in a rare rebuke of the president from several members of his own party.
Next week, the US Supreme Court is set to hear a challenge to Trump’s most sweeping tariffs — the “reciprocal” country-by-country duties that you can see in the graphic above. A ruling against the tariffs — which would be in line with lower-court decisions — could have significant ramifications for Trump’s tariff strategy.
LIVE140 updates
Trump: China, other countries can’t have Nvidia’s top AI chips
President Trump told reporters on Sunday that the most advanced Nvidia (NVDA) chips will be reserved for US companies and will be kept out of China and other countries.
Trump made these remarks just a few days after he and China’s leader Xi Jinping met and agreed upon a one year trade truce between the world’s largest economies.
Trump said that US customers should have access to top-end Blackwell chips offered by Nvidia.
Trump says he will not attend Supreme Court hearing on tariffs
President Trump said on Sunday he plans to skip the Supreme Court hearing on Wednesday, which will decide the legality of the US presidents global tariff regime.
The court is scheduled this week ti hear Trump’s appeal of a lower court’s ruling that many of his “liberation Day” tariffs exceeded his power to regulate imports.
Trump said the Supreme Court ruling is “one of the most important decisions in the history of the country.”
Senate rejection of Trump’s tariffs stirs North American trade debate
The Senate’s bipartisan rebuke of President Trump’s “reciprocal” global tariff policy highlights the growing pushback against tariffs that have strained trade relations in North America.
On Thursday, four Republican senators joined Democrats to pass a resolution to repeal the tariffs 51–47. While the measure is unlikely to go anywhere in the House of Representatives, it underscored growing frustration with the tariffs as the US faces upcoming reviews of the United States–Mexico–Canada Agreement (USMCA).
Details of China-US trade agreement include curbs on rare earth controls
The White House released a fact sheet on Saturday detailing the agreement reached between the US and China during talks in South Korea this past week. Bloomberg reports; China is going to suspend additional export controls on rare earth metals and end investigations into US chip companies.
Small toy company leads challenge to Trump tariffs before Supreme Court
The case the Supreme Court will hear on Nov. 5 challenging President Trump’s tariffs is named for a small toy company in Illinois. Learning Resources v. Trump, along with two related cases, argues that the president’s tariffs are illegal.
The Associated Press reports that Learning Resources CEO Rick Woldenberg, whose mother founded the company, was looking for a law firm to help him sue Trump not long after the president’s “Liberation Day” announcement. He is not willing, Woldenberg said, to let politicians destroy what his family’s company built up over generations.
The cost of the lawsuit has been significant, he added, but Woldenberg said he felt it was worth the cost.
Trump wants to attend SCOTUS arguments on his tariffs case. It would be a first for a sitting president.
The US Supreme Court will take up the case of President Trump’s “Liberation Day” tariffs on Nov. 5, and Trump has said he feels an obligation to watch the proceedings in person. If he does so, he would be the first sitting president to attend SCOTUS’ oral arguments, Bloomberg reports:
Japanese PM says no plans to renegotiate $550B trade deal with US
Japan’s recently elected Prime Minister Sanae Takaichi said on Saturday she had no plans to renegotiate a $550 billion investment package deal reached with the United States, a shift from comments she made while running for office, Reuters reports.
Takaichi made the remarks in Gyeongju, South Korea, at the Asia-Pacific Economic Cooperation (APEC) summit, where she also met with China’s President Xi Jinping and South Korea’s President Lee Jae Myung. She said she and Xi had agreed to build a constructive and stable relationship.
Trump says Canada trade talks won’t resume, despite Carney apology over Reagan ad
Canadian Prime Minister Mark Carney has apologized to President Trump for an ad sponsored by Ontario that used clips of the late Ronald Reagan criticizing tariffs, Bloomberg reports.
The ad prompted Trump to suspend trade negotiations with Canada and to levy an additional 10% tariff for not taking it down before it ran during two World Series games.
But Trump said trade talks won’t resume between the two countries, contradicting his energy secretary.
Nvidia CEO hopes Blackwell chips can be sold in China but says decision up to Trump
Nvidia (NVDA) CEO Jensen Huang addressed the ongoing issue around the sale of the company’s state-of-the-art Blackwell chips in China on Friday. He said that although he hoped they would be sold in Beijing, the decision needed to be made by President Trump.
Xi calls for stable supply chains after sealing Trump truce
Chinese leader Xi Jinping warned on Friday against “breaking supply chains”, in his first public remarks since he and President Trump secured a one-year trade truce between the countries.
Xi said that countries should “jointly maintain stable and smooth industrial supply chains” during his speech at a leaders’ summit of the Asia-Pacific Economic Cooperation group in Gyeongju, South Korea.
Trump pushes for a US-led digital economy that’s free of tariffs
Within President Trump’s trade deals are a list of provisions aimed at protecting the US digital economy. These deals, including those with Malaysia and Cambodia, require partner countries to agree not to impose digital services taxes or discriminate against US tech companies, like Google (GOOG) and Amazon (AMZN).
4 Republicans back Senate resolution to undo Trump’s tariffs around the globe
President Trump’s tariffs are facing pushback from both sides of the aisle, with a number of Republican Senators joining efforts to end many of his trade policies.
China to purchase 25MMT of US soybeans annually: Bessent
Trump reveals a ‘nice conversation’ with Canada after days of tension
President Trump told reporters Thursday he’s again talking to Canada just days after saying he didn’t plan to engage with America’s northern neighbor “for a while.”
As the president was heading back to his cabin, a reporter asked, “Anything on Canada?” after Trump cut off talks with America’s northern neighbor over an ad produced by the government of Ontario that features Ronald Reagan to slam the president’s trade approach.
“We had a very nice conversation with him last night,” Trump revealed, in apparent reference to Canadian Prime Minister Mark Carney. Carney was also in attendance at a summit in South Korea and was photographed across the table from Trump at a dinner on Wednesday evening.
Trump declined to add more, such as whether there is any change in Trump’s announced plans for a new 10% tariff on Canada.
Trump: China to purchase more US energy, touts Alaska deal
