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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.”

Bloomberg previously reported that after a series of orders placed in late October — the first of this season — China’s purchases of American soybeans appeared to have stalled. 

India-U.S. relations have also soured because of Trump’s assertions he brokered a ceasefire between India and Pakistan during the conflict in May and used trade as a bargaining chip.

While China's shipments to the U.S. plummeted 29% in November, strong growth in sales to regions like the European Union and Africa more than offset the slump.

China is home to more than 90% of global rare earths and permanent magnets refining capacity, compared with just 4% for second-place Malaysia, according to the International Energy Agency.

U.S. President Donald Trump said he urged Chinese President Xi Jinping to increase the speed and size of agricultural purchases and said Beijing had “more or less agreed” to do so.

Treasury Secretary Scott Bessent’s comments come after Trump and Xi spoke on Nov. 24, their first conversation since the two leaders met in Busan, South Korea, in October.

An ongoing row between Japan and China centered around Taiwan threatens to inject fresh tensions into the Trump-Xi relationship and complicate ties.

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.”