US government 15% of revenue from some chip sales to China. The chips — Nvidia’s H20 AI accelerator and AMD’s MI308 chips — were earlier banned by the Trump administration and require export licenses to sell.

The proposal is the latest direct government intervention into business and finance since Trump returned to the Oval Office in January.

The arrangement crafted by the Trump administration is “unusual,” analysts told CNBC, but underscores the transactional nature of the current White House leader.