Morning brief: Nvidia balks at Trump’s 15% China fee; Kim and Putin to meet in Beijing

A series of high-stakes geopolitical developments is commanding global attention, as chip giant Nvidia questions the legality of a controversial White House plan in China, North Korean leader Kim Jong Un prepares for a rare trip to Beijing to stand alongside Vladimir Putin, and a critical US-Japan trade negotiation hits a last-minute snag.

Here’s your one-stop stand to catch up on all the headlines you may have missed.

Nvidia: Trump’s 15% China chip commission is not formalized

Nvidia has signaled it cannot currently comply with an unconventional Trump administration plan to charge a 15% commission on its AI chip sales to China, stating the proposal has not been formalized and could pose legal risks.

The plan is intended as a quid-pro-quo for allowing Nvidia to resume offering certain AI chips in the massive Chinese market after sales were blocked in April.

In a statement late Wednesday, Nvidia’s Chief Financial Officer, Colette Kress, said the US government has not yet indicated how it will put the required regulations in place.

For now, the company is not including any potential revenue from the plan in its projections, a clear sign of the deep uncertainty surrounding the deal.

North Korea’s Kim Jong Un to join Putin at Beijing military parade

In a rare and highly symbolic international trip, North Korean leader Kim Jong Un will visit China to attend a major military parade on September 3.

He will be joining other world leaders, most notably Russian President Vladimir Putin, at the event, which marks the 80th anniversary of the end of World War Two.

China’s state-run Xinhua News Agency confirmed Kim’s attendance at the invitation of President Xi Jinping.

The gathering in Tiananmen Square will place three of America’s most prominent adversaries on the world stage together, a powerful visual at a time of heightened global tensions.

Japan’s top trade negotiator abruptly cancels US trip

Japan’s top trade negotiator, Ryosei Akazawa, canceled a high-stakes visit to the United States at the last minute on Thursday, citing unresolved issues at the administrative level.

The surprise move is a significant setback for a trade relationship already under strain. Akazawa had intended to use the trip to press Washington to implement the lower tariffs on Japanese goods, including cars and auto parts, that were agreed upon in a major deal back in July.

The US has yet to deliver on its promises, which require an executive order from President Donald Trump, and the cancellation of this key meeting raises serious questions about the future of the pact.

Oil falls as US pressure on India over Russian crude fails to bite

Oil prices are falling as the market looks past the White House’s escalating pressure campaign to force India to stop buying Russian crude. Global benchmark Brent dropped below $68 a barrel as market watchers increasingly focus on the risk of a global supply surplus in the coming months.

The price drop comes even as White House trade adviser Peter Navarro doubled down on his criticism of New Delhi, calling Indians “arrogant” and casting the conflict in Ukraine as “Modi’s war.”

The White House has singled out India for its Russian oil purchases while sparing China, but refiners in the South Asian nation have signaled they intend to press on with their buying, a clear sign that the US pressure is, for now, failing to have its desired effect.

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