Dec 09, Kathmandu - US President Donald Trump has granted a significant waiver to Washington's export controls targeting Chinese technology companies, allowing technology company Nvidia to sell its advanced H200 chip.

Trump said on Monday he had informed Chinese President Xi Jinping of the decision to allow exports of the chip. Under the arrangement, 25 percent of the proceeds from sales would be paid to the US government.

According to Trump, exports will only be allowed to “approved customers” under conditions that protect national security, and his administration will take a “similar approach” with other chipmakers such as AMD and Intel.

“This policy will support American jobs, strengthen American manufacturing, and benefit American taxpayers,” Trump said on Truth Social.

Nvidia, based in Santa Clara, California, welcomed the move, saying it struck a “balance” and would “support high-wage jobs and manufacturing in the United States.” Nvidia’s shares rose more than 2 percent in after-hours trading after the news broke.