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.

The White House released a fact sheet this weekend 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 release. Meanwhile, 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%.

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.

Read more: What Trump's tariffs mean for the economy and your wallet

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%.

The US Senate passed several resolutions that would end several of Trump's country-specific tariffs, in a rare rebuke of the president from several members of his own party.

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. 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 Sunday. “It’s not about me, it’s about our country.”

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 to a one-year trade truce between the world's two largest economies.

Trump said that only US customers should have access to Nvidia's top-end Blackwell chips.

Reuters reports:

\\"The most advanced, we will not let anybody have them other than the United States,\\" he told CBS, echoing remarks made earlier to reporters as he returned to Washington from a weekend in Florida. \\"We don't give (the Blackwell) chip to other people,\\" he said during the flight.

The remarks suggest Trump may impose tighter restrictions around ⁠cutting-edge American AI chips than U.S.‌ officials previously had indicated, with China and potentially the rest of the world barred from accessing the most sophisticated semiconductors.

In July, the Trump administration released a new artificial intelligence blueprint seeking to loosen ‍environmental rules and vastly expand AI exports to allies, in a bid to maintain the American edge over China in the critical technology.

Read more here.

Carmakers have been concerned about President Trump's tariffs for some time. When they were first introduced in April, it seemed the industry was facing a significant challenge. But many have managed to avoid them — here's how.

CNN reports:

Most automakers, even US-based ones, import some cars and most parts. But car companies’ dire cost estimates have decreased as tariffs keep getting rolled back, bit by bit.

More importantly for automakers’ bottom lines, the financial penalties for not meeting fuel efficiency rules have all but vanished. Those regulatory savings could eventually offset the cost of tariffs.

All in all, one could argue that auto industry profits could end up better off than they were before Trump took office in January, a surprising outcome as automakers’ huge investments in electric vehicles in recent years were also being undercut by Trump pulling the plug on the federal support of electric vehicles they had counted on when making that massive bet.

“It’s definitely favorable,” said Jeff Schuster, an independent auto analyst about the changes since auto tariffs were first announced in March. “There are so many moving pieces, it’s hard to isolate. But things are definitely better off than anyone expected.”

Read more here.

Bloomberg News reports:

The US is expected to suspend port fees for a year on China-linked vessels starting next week, as the two countries deescalate a maritime contest that had become a sticking point in the trade war.

From Nov. 10, the US will pause measures designed to combat China’s shipping dominance, the White House said in a fact sheet. Meanwhile, Beijing said it would suspend the countermeasures it imposed in retaliation.

The announcements follow the trade truce agreed last week between US President Donald Trump and Chinese leader Xi Jinping, which included detente on a swath of trade issues from semiconductors to rare earths and soybeans.

The mutual imposition of port fees on each other’s vessels threatened to shake-up global shipping, raise freight rates and snarl the flow of goods including key commodities like oil.

Read more here.

President Trump said on Sunday he plans to skip the Supreme Court hearing on Wednesday, which will decide the legality of a wide swath of the US president's global tariff regime.

The court is scheduled to hear Trump's appeal this week 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.”

Bloomberg News reports:

“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.”

“If we don’t have tariffs, we don’t have national security, and the rest of the world would laugh at us because they’ve used tariffs against us for years and took advantage of us,” he said Sunday.

Trump had said he felt an “obligation” to watch in person as the Supreme Court weighed his power to impose tariffs. If he had attended, he would have been the first sitting president in US history to attend oral arguments at the high court.

Read more here.

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).

FreightWaves reports:

U.S.–Mexico: Delicate balance before USMCA review

In Mexico, President Claudia Sheinbaum said the Trump administration’s tariffs were partially responsible for the country’s 0.3% GDP contraction in the third quarter — its first annual decline since 2021, according to The CEO.

“The contraction is mainly due to the delayed impact of the tariff policy imposed by the United States,” Sheinbaum said during her morning press briefing, adding that the downturn would likely be temporary as public and private investments increase later this year.

U.S.–Canada: New pragmatism amid global trade realignment

North of the border, Prime Minister Mark Carney met with Chinese President Xi Jinping to address what both leaders called “irritants” in their relationship — including Chinese duties on Canadian canola, pork and seafood, according to the CBC.

Canada’s outreach to China comes as Trump’s trade measures continue to rattle traditional alliances. Trump said on Friday the U.S. and Canada will not restart trade talks, a week after he called off negotiations over an advertisement aired by the Canadian province of Ontario, according to Reuters.

Read more here.

Yahoo Finance's Francisco Velasquez reports:

Brooks Running CEO says it won't \\"punish\\" consumers — but the sneaker brand can't outrun tariffs.

\\"We will see about a 2% to 3% price increase in 2026,\\" CEO Dan Sheridan told Yahoo Finance's Opening Bid. \\"The tariffs are just now starting to roll in to our cost of goods. But we really tried to take a full supply chain approach to this. We didn't want to punish the consumer.\\"

Shoppers can expect to see higher-ticket items across Brooks' lineup next year, though Sheridan didn't specify a time.

\\"We will see about a 2% to 3% price increase in 2026,\\" Brooks Running CEO Dan Sheridan says. \\"That tariffs are just now starting to roll in to our price of goods.\\" pic.twitter.com/R5Jfwdu5Yq

— Yahoo Finance (@YahooFinance) October 31, 2025

The decision to raise prices — even modestly — marks a shift for a company that has long positioned itself as a stable, consumer-friendly player.

Sheridan said Brooks has worked closely with manufacturing and distribution partners to limit the price impact, even as total costs have surged in some parts of the supply chain.

Read more here.

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.

Under the deal, China will issue general licenses valid for exports of rare earths, gallium, germanium, antimony and graphite “for the benefit of U.S. end users and their suppliers around the world,” the White House said, meaning the effective removal of controls China imposed in April 2025 and October 2022. The US and China previously said Beijing would suspend more restrictive controls announced in October 2025 for one year.

Washington will also pause some of Trump’s so-called reciprocal tariffs on China for an additional year and is halting plans to implement a 100% tariff on Chinese exports to the US that was threatened for November. The White House also said that the US will further extend the expiration of certain Section 301 tariff exclusions, currently due to expire on Nov. 29, 2025, until Nov. 10, 2026.

The Chinese Embassy in Washington did not immediately respond to a request for comment on Saturday.

The landmark summit between Trump and Xi, their first face-to-face meeting of the US president’s second term, saw the leaders stabilize relations in the short term after an escalating trade fight that had roiled markets and sparked fears of a global downturn.

Under their agreement, according to the White House, China agreed to pause sweeping controls on rare-earth magnets in exchange for a US agreement to roll back an expansion of curbs on Chinese companies. China had used its dominance in the processing of rare-earth minerals as leverage, threatening to restrict their flow to the US and allies countries.

Read more here.

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.

In response to Trump's tariffs, Learning Resources cut back expansion plans to keep more cash on hand, Woldenberg said.

Woldenberg canceled a building project that would have added 600,000 square feet (55,700 square meters) of warehouse and office space for the 500 employees of Learning Resources and a related toy company, hand2mind, that he runs. Woldenberg also abandoned plans to hire about 30 more employees in 2025, and cut back on other expenditures like marketing and training for workers.

When Trump's tariffs hit, \\"I predicted we'd be smaller and make less money,\\" Woldenberg said. \\"And both of those things are true.\\"

Read more here.

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:

There is no record in the Supreme Court’s 235-year history of a sitting president ever attending arguments, according to Clare Cushman, director of publications and resident historian at the Supreme Court Historical Society.

Presidents have attended other events at the court. Trump himself attended the investitures of two of his Supreme Court nominees, Associate Justices Neil Gorsuch and Brett Kavanaugh.

He sought permission to attend oral arguments last year in his presidential immunity case, but was denied, as he was scheduled to begin trial in New York on business fraud charges.

Trump has suggested on several occasions he would attend the arguments himself — part of a larger effort by his administration to pressure the judiciary into upholding the tariffs.

During an oval office press briefing in October, Trump said tariffs had made the US a “strong, sound country.” Without them, he said, it would be a “big slog.”

Read more here.

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.

\\"I believe that even if the prime minister changes, promises made between governments should not be altered,\\" Takaichi told reporters at the end of a week of diplomatic events including a summit with U.S. President Donald Trump.

Takaichi declined to comment on a trade deal that South Korea had inked with the United States, as details of the deal have not been disclosed yet.

Before becoming prime minister last month, Takaichi had said that tariff renegotiation with Washington was not off the table if something came up that seemed unfair and hurt Japan's national interests.

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.

Read more here.

From Bloomberg:

Trump said he would cut all fentanyl-related tariffs on Chinese goods if Beijing cracks down on exports of the drug and precursor chemicals used to make it.

Trump said Friday he discussed the issue with Chinese President Xi Jinping during their summit in South Korea, adding that “China’s working very hard and I really believe that they have an incentive.” Trump agreed to halve a 20% duty related to fentanyl in their meeting.

“As soon as we see that, we’ll get rid of the other 10%,” Trump told reporters aboard Air Force One.

The president’s comments preview another possible concession to China in their future trade talks.

Read more here.

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.

Bloomberg reports:

US President Donald Trump said he received an apology from Canadian Prime Minister Mark Carney over a television ad that opposed tariffs, but suggested that trade talks between the two countries won’t restart.

Asked by reporters aboard Air Force One whether negotiations between the White House and Carney’s government would resume, Trump said: “No, but I have a very good relationship. I like him a lot, but you know, what they did was wrong. He was very nice. He apologized for what they did with the commercial.”

Earlier Friday, US Energy Secretary Chris Wright said the goal is for the US and Canada to return to the table after talks broke off last week, and for the countries to cooperate more closely on oil, gas and critical minerals.

There has been friction in the talks between Canada and the US “for some good reasons,” Wright told reporters at the Group of Seven energy and environment ministers’ meeting in Toronto on Friday.

Read more here.

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.

Reuters reports:

\\"We're always hoping to return to China, and I think that Nvidia in China is very good. It's in the best interest of United States. It's in the best interest of China,\\" Huang said.

Speaking during his first official visit to South Korea in more than a decade, a day after Trump and Chinese leader Xi Jinping held talks there, Huang said he was delighted by the success of the meeting between the two presidents, but was not aware of what they spoke about.

After the talks on Thursday, Trump told reporters aboard Air Force One that semiconductors had been discussed and China was \\"going to be talking to Nvidia and others about taking chips\\".

But Trump added: \\"We're not talking about the Blackwell.\\"

\\"So I'm hopeful that both governments will arrive at a conclusion someday where Nvidia's technology could be exported to China.\\"

Read more here.

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.

Bloomberg News reports:

“We must adhere to the principle of joining hands rather than letting go, and extending rather than breaking supply chains,” the Chinese leader stated, while calling on those gathered to practice “genuine multilateralism.”

Xi’s appeal was delivered to an audience featuring US Treasury Secretary Scott Bessent — who has spearheaded Trump’s trade negotiations this year — along with a host of world leaders grappling with America’s highest tariffs since the 1930s. “The more turbulent the times, the more we must work together,” China’s most powerful leader since Mao Zedong told the group.

Xi’s remarks came a day after he sealed an agreement with Trump that saw America roll back some tariffs and export controls and Beijing commit to buying US soybeans and pause fresh rare earth curbs. Trump described their sitdown at an air base in Busan as “amazing,” while Xi said that dialogue is always better than confrontation.

Adding to that flurry of diplomacy, defense chiefs from the world’s largest economies held their first in-person talks Friday morning, in another sign of stabilizing ties. US Secretary of Defense Pete Hegseth sat down with Chinese Defense Minister Dong Jun at a gathering in Kuala Lumpur.

The trade truce is poised to resolve — at least for now — months of trade brinkmanship in which the US and China threatened a series of levies and export controls on their products that had the potential to disrupt global supply chains and hurt the world economy. Still, it fell short of a comprehensive agreement to address issues at the heart of US-China economic competition.

Read more here.

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).

Bloomberg News reports:

In deals with Malaysia and Cambodia, and a more preliminary agreement with Thailand, the White House received assurances none will impose digital services taxes or discriminate against American providers of e-commerce, social media, streaming, cloud storage or other types of online services. Those activities count as digital trade when the transactions cross national borders.

While Trump wields tariffs to rebalance US deficits in merchandise trade, his push for a global internet free of import duties and other surcharges is aimed at ensuring the world’s largest economy remains the leading net exporter of e-services. That stands in contrast with the prior administration under Joe Biden, which was more sympathetic to European officials’ concerns about unfettered access to markets for US tech giants including Alphabet Inc.’s Google, Meta Platforms Inc. and Amazon.com Inc.

“The Trump administration believes that our deficit in trade in goods has been unfairly imposed, but that our surplus in trade in services has been fairly earned” and wants to “maintain our services surplus, while reducing our goods deficit,” said Anupam Chander, a professor of law and technology at Georgetown Law in Washington. “I could understand why other countries would feel that this is itself unfair.”

Last year, global exports of digitally delivered services increased to more than $4.77 trillion, a nearly 10% jump from 2023 and more than double the growth in total goods and services trade, according to World Trade Organization and United Nations figures. It’s the fastest-growing segment of global goods and services trade that reached about $33 trillion last year.

Read more here.

With both the US and China optimistic and tensions possibly eased, here is how investors and analysts reacted to the latest developments:

Reuters reports:

KYLE RODDA, SENIOR MARKET ANALYST, CAPITAL.COM, MELBOURNE:

\\"At the moment, the price action makes things seem like a lot of this was already priced-in.

\\"The markets rallied at the start of the week on the expectations of the fentanyl tariff cut and soybean purchases.

\\"Arguably, the markets were hoping for the complete removal of the fentanyl tariff, so that could explain the ambivalence.\\"

VINCENT CHAN, CHINA STRATEGIST, ALETHEIA CAPITAL, HONG KONG:

\\"The details are very sketchy ... at the end of the day, overall tariffs for Chinese goods will be made quite similar to other Southeast Asian countries.

\\"The bottom line is that China and the United States are probably the most important strategic competitors of each other.

\\"So you cannot expect the kind of trade agreement we saw during the globalisation era ... any agreement will be unstable in nature, both sides could change.\\"

\\"In a way, you can say that the market remains volatile, reacting to the good and bad news. But it's much less volatile compared to April.

\\"I think gradually, people will just look at the two (leaders), they will counter threaten each other.\\"

\\"But at the end, both sides have enough bargaining chips in their hands to prevent the worst case scenario.\\"

Read more here.

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.

Associated Press reports:

The Senate passed a resolution Thursday that would undo many of President Donald Trump's tariffs around the globe, the latest note of displeasure at his trade tactics in Washington that came just as the president celebrated his negotiations with China as a success.

After a meeting with Chinese leader Xi Jinping in South Korea, Trump said he would cut tariffs on the Asian economic giant and China would in turn purchase 25 million metric tons of U.S. soybeans annually for the next three years. The Republican president claimed his trade negotiation would secure “prosperity and security to millions of Americans.”

But back in Washington, senators — several from Trump's Republican Party — have demonstrated their dissent with Trump's tariff tactics by passing a series of resolutions this week that would nullify the national emergencies that Trump has declared to justify the import taxes. Already this week, the Senate approved resolutions to end tariffs imposed on Brazil and Canada. While the legislative efforts are ultimately doomed, they exposed fault lines in the GOP.

The latest resolution, which would effectively end most of Trump's tariff policies, passed on a 51-47 vote, with four Republicans joining with all Democrats.

Read more here.

Yahoo Finance's Pras Subramanian reports:

German auto giant Volkswagen's (VWAGY) tariff hit in the third quarter hurt the bottom line by nearly $1 billion, with the 2025 tally ballooning to an amount that could eat heavily into full-year profits.

Volkswagen reported in its third quarter financial disclosure that US tariffs on imported vehicles stood at 800 billion euros ($925 million), with its total tariff blow through the first nine months of the year totaling 2.1 billion euros ($2.44 billion).

\\"Group operating margin is 5.4 percent — at first glance a respectable figure in the current economic environment. But increased trading tariffs and the resulting negative volume effects burden us by up to 5 billion EUR ($5.8 billion) on a full-year basis,\\" Volkswagen CFO and COO Arno Antlitz said in a statement.

Antlitz said the effects and charges to units like struggling Porsche will continue to persist without new mitigation and \\"efficiency measures.\\"

Read more here.

The AP reports:

China has agreed to purchase 25 million metric tons of U.S. soybeans annually as part of an agreement reached by its leaders, Treasury Secretary Scott Bessent said Thursday.

Bessent said China will start by purchasing 12 million metric tons of soybeans from the U.S. between now and January.

“So you know, our great soybean farmers, who the Chinese used as political pawns, that’s off the table, and they should prosper in the years to come,” Bessent said in an interview on Fox Business Network’s “Mornings with Maria.” He said the agreement lasts for three years.

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.\\"

It was a nugget that came at the tail end of the president’s update to reporters on Air Force One Thursday around his talks with Chinese President Xi Jinping.

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.