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President Trump granted Nvidia, America’s most-valuable company, permission Dec. 9 to export its high-end H200 chip to China, watering down years of U.S. national security safeguards.

Asked in an interview with Politico whether he’d rule out cutting tariffs on more goods than coffee, beef and bananas, Trump said he would “on some, and on some I’ll increase tariffs.”

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.”

Dutch PM Dick Schoof said China agreed to resume deliveries of Nexperia chips from plants in the country, signaling a possible breakthrough in a clash that risked disrupting auto production.

Honda said it has cut or suspended production this week at some plants in North America as a countermeasure to the chip shortage, which stems from China blocking Nexperia from exporting products.

Europe’s auto industry is preparing for production disruption within days because of China’s export restrictions on semiconductors made by Nexperia. The U.S. is likely to be affected too.

The project, dubbed Ohio One, “remains an important part of our long-term plans to expand leading-edge manufacturing on U.S. soil,” Intel said in a statement.

The Ministry of Commerce announced an antidumping probe into certain analog IC chips imported from the U.S. and an antidiscrimination probe into U.S. measures against China’s chip sector.

The president has repeatedly promised that levies on chips and pharmaceuticals are coming within weeks, but no formal announcements have yet been made.

Applied Materials plunged in late trading after giving a disappointing sales and profit forecast, renewing concerns that the U.S. trade dispute with China is weighing on demand.