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Chipmaker Nvidia became the first public company to top $4 trillion in value on July 9 after two-year investor frenzy.

Sweeping tax legislation passed by the Senate on July 1 would make it cheaper for semiconductor manufacturers to build plants in the U.S., delivering a win to chipmakers.

Blowback to President Donald Trump’s idea of tariffs on imported semiconductors is proving to be broad and deep, and includes Tesla, Ford and GM.

After fresh negotiations in London, tariff rates remain essentially unchanged. Rare earth shipments from China are set to return to pre-April 2 conditions.

Chipmaker Micron Technology said it will spend about $200 billion on U.S. manufacturing, research and development.

At the heart of the policy shift is China’s stranglehold over rare earths and its decision to restrict supply to American manufacturers reliant on the key inputs.

Trade talks between the U.S. and China will continue into a second day, according to an official, as the two sides look to ease tensions over shipments of technology and rare earth elements.

“When it comes to inside China … there is still bipartisan and broad concern about what can happen to these GPUs once they’re physically inside” the country, a White House adviser said.

President Donald Trump’s administration pressed forward with plans to impose tariffs on semiconductor and pharmaceutical imports by initiating probes led by the Commerce Department.

Taiwan companies including Foxconn have sprung to the vanguard of shifting manufacturing to the U.S.