President Donald Trump said Nvidia's most advanced chips will be available only to US companies and will not be exported to China or any other country for now.
The White House announced a new trade deal between Trump and President Xi Jinping in South Korea. China will suspend export controls on rare earth metals and end an investigation into US chip companies, while the US will suspend some tariffs on China for a year and cancel plans to impose new 100% tariffs this month.
Under the deal, US tariffs on fentanyl-related goods will be reduced from 20% to 10%, and the overall tariff rate on Chinese goods will fall to 47% from 57%. The US will also mediate negotiations between Beijing and Nvidia CEO Jensen Huang.
Trump said China would buy more energy and soybeans from the US, and hinted at a deal on Alaskan oil and gas. While there are still doubts about the durability of the deal, the move is seen as a significant moment in easing the trade war between the world's two largest economies.
In addition, Trump signed trade deals with Japan and South Korea, threatened to raise Canadian tariffs by an additional 10%, while the US Senate passed a resolution to end some of its tariffs. Next week, the Supreme Court is expected to re-evaluate Trump's global tariff policies in a high-profile case.
