Patrick Boyle On Finance 15% to the Treasury: Trump’s Nvidia Export Kickback!
Aug 20, 2025
Dive into the heated debate over Trump's deal with Nvidia and AMD, allowing a revenue-sharing model for chip exports to China. Explore the legal and constitutional dilemmas tied to national security and AI technology. Discover the shift from formal legislation to personal negotiations, casting a shadow on governance. The risks of monetizing export controls raise eyebrows, while tensions in U.S.-China relations escalate. Unpack the implications of this controversial move on American capitalism and the delicate balance of power in global tech.
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Treasury Takes A Slice For Exports
- Patrick Boyle argues the 15% revenue cut for Nvidia and AMD to export chips to China is a direct slice of corporate revenue to the US Treasury.
- He says this monetizes export permission and rewrites norms of American trade policy.
Revenue Is Tiny Compared To Security Risk
- Boyle warns the deal risks national security by enabling China’s AI capability for a small revenue gain.
- He notes $2 billion is trivial relative to US spending and a poor trade-off if strategic risks are real.
Policy By Handshake, Not Process
- Boyle describes the deal as presidentially brokered and transactional, calling it a new doctrine of ‘shakedown capitalism’.
- He highlights that Trump negotiated the percentage directly and framed it as bargaining for permission.