Bessent called the deal “unique,” before suggesting that it could be a lot less unique soon. Scholars have another word: unprecedented.

The treasury secretary says giving the U.S. government a cut of revenue from such tie-ups will go toward paying down the national debt.

Nvidia and its competitor Advanced Micro Devices Inc. (AMD) were reportedly to agree to pay part of their revenue from China to the U.S. government as part of a deal the Trump administration to secure export licenses.