Nvidia CEO Jensen Huang met with President Donald Trump on Friday amid a challenging week for the tech giant, as concerns over growing competition from China and potential U.S. tariffs on semiconductors rattled the company’s standing on Wall Street.

Following the meeting, Trump confirmed plans to impose tariffs on imported computer chips, a move that could significantly impact Nvidia, which relies heavily on components from Taiwan. “It was a productive discussion, but we’re still moving forward with tariffs on chips,” Trump told reporters.

Nvidia’s advanced chips are already subject to U.S. export restrictions to China, part of Washington’s broader strategy to curb Beijing’s progress in cutting-edge technology. This policy faced renewed attention after Chinese firm DeepSeek successfully launched an AI model without using Nvidia’s restricted H100 chips.

In response to DeepSeek’s breakthrough, reports emerged suggesting the Trump administration is considering extending export controls to Nvidia’s lower-tier chips. This development, combined with market anxieties, led to a historic $600 billion drop in Nvidia’s market value on Monday—the largest single-day loss in Wall Street history.

“We’re grateful for the chance to discuss the future of semiconductors and AI policy with President Trump,” an Nvidia spokesperson said, noting that Huang and Trump emphasized the need to bolster U.S. leadership in technology and artificial intelligence.

Interestingly, Huang was absent from Trump’s January 20 inauguration, where tech leaders like Mark Zuckerberg, Jeff Bezos, and Elon Musk—an influential Trump advisor and donor—played prominent roles and contributed to the inauguration fund.