Luke Vargas

I'm Luke Vargas for The Wall Street Journal, and here is the AM edition of What's News, the top headlines and business stories moving your world today.

Shares of NVIDIA have jumped off hours after President Trump said he'd let the company export its H200 chips to China in an apparent easing of stringent export controls.

Journal Asia business editor Peter Lander says the move is a boon for NVIDIA, which has fought for months to maintain access to the world's second-largest economy.

Curiously, Trump said the U.S.

would receive a 25% cut of Nvidia's chip sales in China without offering any details on how.

And as Peter explains, taxing exports in that way might not be entirely legal.

Meanwhile, Chinese competition has been a growing headache for European carmakers, but now two major players are teaming up to try and push back.

Ford is engaging France's Renault to make a pair of small EVs and maybe a van down the line to bolster its European lineup.

Ford's accounted for just over 3% of new passenger cars sold on the continent this year, down from over 7% a decade ago.

Well, let's keep the focus on China as the country has hit a major trade milestone, achieving a $1 trillion trade surplus in goods.

That is in spite of U.S.

tariffs meant to dent Chinese exports and which have instead seen products redirected elsewhere, including to Europe, where a pair of leaders are now sounding the alarm and hinting at new restrictive measures of their own.

Joining us from Beijing is our China bureau chief, Jonathan Cheng.

And from Berlin, we've got global economics correspondent Tom Fairless with us as well.

John, let me start with you.

Talk to us about this trillion dollar goods surplus figure.

What does it represent?

And it would seem putting a target on its back in the process.

And we should note that this trillion dollar figure is actually probably going to be higher when 2025 is all said and done, because it just covers the first 11 months of the year.

Tom, let's look at Europe, the EU, among the places where Chinese shipments have been increasing quite dramatically this year.