USTR Greer says Nvidia (NVDA) is a structurally important company; USTR remains concerned about the NVDA situation

• Wants crown jewel chips to remain in the US and allies' hands.

• China conducting partial compliance; it is getting some rare earths that we need but would like to see more progress.
• Would like to see rare earths at levels seen a few years ago.
• There has been purchases of soybeans.

• US President Trump prepared to take whatever measures he needs to, economic or otherwise.

Comments of this kind from the USTR sit inside the established pattern of US-China trade management, where export controls on advanced semiconductors and Chinese rare earth licensing function as paired levers rather than separate disputes. The 'crown jewel' framing is the language that has historically preceded a tightening of chip export rules rather than a loosening, and episodes of this kind have tended to weigh on the most export-exposed chipmakers first, with the distinction worth drawing between companies whose China revenue is already curtailed by existing licences and those still reliant on unrestricted product lines. On the Chinese side, acknowledgement of partial compliance on rare earths and farm purchases is the usual sequence in these negotiations: limited goods flow while headline friction persists, with rare earth shipment levels serving as the practical tell of whether the truce is holding. The Mexico remark belongs to the separate track of coercive trade signalling, which in past cycles has produced tariff threats that reverse quickly when a concession is extracted. The follow-ons that have mattered historically are formal rule changes from the commerce apparatus, the next rare earth export data, and whether soybean purchases reach the scale that signals genuine de-escalation rather than gesture.