Only a few years ago, the Biden administration declared export controls a “new strategic asset” to help the US maintain “as large a lead as possible” over China in advanced technology. President Donald Trump is now upending that approach.

The granting of export licenses for the company’s H20 chips points to a tentative de-escalation in the trade war between Washington and Beijing.

Nvidia said in April that sales restrictions on its chip in China on national security grounds would cost the company $5.5 billion.

Nvidia said it has filed applications to resume selling H20 GPUs in China and has received assurances that licenses will be granted.

Nvidia’s CEO Jensen Huang says the technology giant has won approval from the Trump administration to sell its advanced H20 computer chips used to develop artificial intelligence to China.

The first of these reports showed U.S. consumer prices posted their biggest jump in five months in June, hinting that tariffs may be starting to heat up inflation.