Nvidia returns to China: Trump greenlights export of H200 chips

Deal with 25% tariffs and selected customers: a fragile balance between business, national security, and technological competition with Beijing

Donald Trump is reopening the door to China on the artificial intelligence front. In an announcement on his social network Truth Social, the president authorized Nvidia to export its H200 chip to China - one of the company’s advanced AI solutions - in exchange for a 25% surcharge paid to the U.S. government. The decision could be worth billions of dollars for Nvidia and has reignited the political and strategic debate over technological relations between Washington and Beijing.

Under the arrangement, the chips, manufactured in Taiwan, will first transit through the United States for an inspection by the Department of Commerce before being shipped to China exclusively to “approved customers.” The measure, Trump explained, does not apply to Nvidia’s most advanced chips - such as Blackwell and the future Rubin line - which are reserved for the U.S. market, with the stated goal of safeguarding national security and maintaining American leadership in AI.

For Nvidia, this represents a major turning point. Export restrictions imposed in recent years have prevented the company from serving the world’s largest semiconductor market, while simultaneously encouraging the growth of Chinese manufacturers such as Huawei. CEO Jensen Huang, strengthened by increasingly close ties with Trump after the 2024 elections, has argued that a targeted easing of controls is preferable to an outright ban.

The decision has not been without controversy. Democratic figures, including Senator Elizabeth Warren, have described it as a serious economic and national security risk, accusing the White House of providing Beijing with key tools for the development of next-generation artificial intelligence. China, for its part, has welcomed the move, expressing hope for more stable technological cooperation and smoother global supply chains.

Markets reacted with cautious optimism: Nvidia and AMD gained around 2%, while major Chinese chipmakers recorded losses. A sign that, in the semiconductor war, every concession produces immediate - and deeply political - effects.

Andrea Pelucchi