The Republican-controlled U.S. House of Representatives on Thursday passed a sweeping tax and spending bill that would enact much of President Donald Trump's policy agenda and saddle the country with trillions of dollars more in debt.

U.S. Senate Republicans said on Thursday they will seek substantial changes to President Donald Trump's sweeping tax and spending bill after it narrowly won approval in the House of Representatives, in a sign that significant hurdles remain for the package.

President Donald Trump's sweeping tax and policy bill that would change Americans' everyday lives has cleared one big hurdle after several marathon days of negotiations in the U.S. House and an assist from the president himself.

China tensions, Nvidia plans a new AI research facility in Shanghai, signaling a strong commitment to its second-largest market. China accounted for 14% of Nvidia's revenue in 2024, with CEO Jensen Huang predicting significant growth.

Nvidia CEO Jensen Huang criticized U.S. export controls blocking the sale of its AI chips to China. Last month, the chipmaker noted a $5.5 billion write-down to its inventory, after the U.S. demanded companies get a license to sell their AI chips to China.

The Trump administration will maintain efforts to keep advanced artificial intelligence technology out of China’s hands, a top White House official said, brushing off calls from Nvidia Corp. Chief Executive Officer Jensen Huang to ease restrictions on chip exports to the world’s second largest economy.