By George Glover

Donald Trump's trade policies have sent the market on a wild ride in recent weeks, with investors fretting that the president's tariffs will trigger a flare-up in inflation and tank growth.

Stocks looked set to fall again on Wednesday after a few days of relative calm. Chip maker Nvidia said it would now require a license to export its processors to China, reigniting fears about the impact Trump's levies could have.

Here's the latest tariffs news, and how it could impact markets.

Nvidia Hit With Fresh Chip Curbs

Nvidia said in a filing late Tuesday that future sales of its H20 artificial-intelligence accelerators would now require a license from the U.S. Department of Commerce. The chip maker will record a $5.5 billion charge on its next quarterly earnings report for inventory and canceled sales.

It's been a whipsaw week for the company, which is the world's third largest by total market capitalization. Nvidia received the export restriction on April 9, then on Monday said it would spend up to $500 billion building AI data centers in the U.S., in a big boost for the Trump administration's investment plans.

Shares were down 5.8% to $105.75 ahead of the opening bell. Futures tracking the benchmark S&P 500 were down 0.8%.

China Open to Trade Talks, Report Says

It wasn't all doom and gloom for the market on Wednesday, as futures recouped some of their losses after a report said that China was willing to negotiate with the U.S. if certain conditions are met.

Beijing would be open to trade talks if the Trump administration showed more respect, adopted a more consistent position, and chose a point person for discussions, according to a Bloomberg report that cited an unnamed person familiar with the Chinese government's thinking.

Tariffs Are Investors' Top Fear Now, BofA Survey Shows

Investors are now more worried about Trump's trade policies than any other issue, according to a Bank of America survey of global fund managers.

Eighty percent of the poll's respondents consider a trade war triggering a global recession to be the biggest "tail risk" -- defined as a risk that is considered unlikely but would cause losses to investors if it happened. It's the most concentrated tail risk reading of the past 15 years, BofA said.

Write to George Glover at george.glover@dowjones.com

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April 16, 2025 06:16 ET (10:16 GMT)

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