Only a few years ago, the Biden administration declared export controls a “new strategic asset” to help the US maintain “as large a lead as possible” over China in advanced technology. President Donald Trump is now upending that approach.

Commerce Secretary Howard Lutnick explained the Trump administration's turnabout in assuring Nvidia that it [can sell its H20 artificial-intelligence chip](

U.S. Commerce Secretary said Nvidia's plans to start selling its H20 chips are tied to ongoing trade discussions with China regarding REEs.

Separately, stock in Dutch chip company ASML was falling sharply Wednesday after the company cut its outlook, blaming trade wars and tariffs for lower demand.

Nvidia Corp.’s Jensen Huang spent months telling everyone what a grave mistake the US was making restricting shipments of artificial intelligence processors to China — with little sign that his argument was swaying anyone.