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“Apparently [China doesn't] want them, and I think the reason for that is they want semiconductor independence,” White House AI czar David Sacks said in an interview on Bloomberg Tech.

President Trump is hearing from “lots of different advisers” in deciding on the exports, Commerce Secretary Howard Lutnick said, noting that Trump understands China's Xi Jinping “the best.”

For companies that make technology subject to Commerce Department licensing, the expected pause offers a welcome reprieve from a policy they viewed as a massive compliance headache.

Still, because EVs account for a small percentage of new car sales, removing the credit would have little impact on gasoline demand.