China to ease chip export ban in new trade deal, White House says

Nexperia chips are vital in car production and there were concerns from manufacturers about the damage a shortage could have.

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The White House confirmed details of the deal in a new fact sheet after Xi Jinping and Donald Trump met in South Korea this week.

The nations also reached agreements on US soybean exports, the supply of rare earth minerals, and the materials used in production of the drug fentanyl.

The deal de-escalates a trade war between the world's two largest economies after Trump hit China with tariffs after he entered office this year, leading to rounds of retaliatory tariffs and global business uncertainty.

Much of what is in Saturday's fact sheet was announced by Trump and other officials following the meeting between the two leaders.