Good morning. Nvidia and Advanced Micro Devices have agreed to give the Trump administration a portion of the sales from their artificial-intelligence chips to China, unusual agreements that deepen their relationships with the U.S. government.

• Billions, potentially: The Trump administration will receive 15% of the sales as part of a deal to approve exports of Nvidia’s H20 AI chip to China, according to people familiar with the matter. That could amount to billions of dollars given demand for the H20 chips and is the latest example of the White House employing novel tactics to raise revenue.
   
• Still working it out: The administration has reached the same agreement with AMD for its MI308 chip, the people said. Details of the arrangements and the financial structures are still being worked out.
   
• Chips flowing: The Commerce Department began issuing licenses for Nvidia to send its H20 chip to China Friday, following through on a July promise. Over the weekend, the agency started moving licenses for the AMD chip, some of the people familiar with the matter said.
   

Also:

• Trump-Nvidia Chip Deal Is ‘Far Beyond Uncharted Waters.’ Expect Legal Scrutiny.
• What to Know About Trump’s Plan to Take 15% of AI Chip Sales to China

Liberty Mutual gets first FCPA declination since pause.

The Justice Department has declined to prosecute Liberty Mutual Insurance over a bribery scheme in India, Risk Journal reports, the first anticorruption resolution the agency has entered into with a corporation since President Trump paused such cases in February.

The department in a letter sent Thursday said it wouldn’t prosecute the insurer in part because it reported to the agency the findings of an internal investigation into the scheme.

Employees of the company’s Indian subsidiary, Liberty General Insurance, paid bribes totaling around $1.47 million to officials at six state-owned banks, concealing the payments as marketing expenses and using third-party intermediaries. In exchange for the payments, the banks would refer customers to Liberty’s insurance products.

Greystar drops rental algorithms in antitrust settlement.

Greystar Management Services, a major U.S. rental housing provider, has agreed to stop using allegedly anticompetitive algorithms to price homes as part of a settlement with the U.S. Justice Department and renters, Risk Journal’s Richard Vanderford reports.

Greystar has agreed to stop using algorithms that generate pricing recommendations based on competitors’ sensitive data, the Justice Department said Friday.

The department and renters claimed the use of the algorithms, provided by property management software company RealPage, by Greystar and other landlords amounted to illegal price-fixing. Landlords use the software to help set rent prices, but the department and renters said its algorithms allowed landlords to share competitively sensitive information and increase rents.

Trump extends China tariffs to November.

President Trump signed an executive order extending the deadline for higher tariffs on China until Nov. 9, a White House official said.

Tariffs on China were set to rise Tuesday, but Trump’s order extends the deadline for 90 days, allowing time for further negotiations and a potential meeting with Chinese leader Xi Jinping this fall. U.S. and Chinese officials met last month in Sweden to discuss postponing the tariff deadline—conversations that both sides called constructive.

• U.S. businesses from Nike to General Motors have so far borne the brunt of costs from President Trump's taxes on imported goods, masking their impact on the economy. Wall Street believes it will soon be consumers' time in the barrel.
   
• Startup Vulcan Elements said it raised $65 million in a new funding round to increase production of the rare-earth magnets crucial to everything from drones to electric vehicles. The funding signals the growing push to build up an industry in the U.S. and reduce dependence on China.
   
• The U.S. won’t apply tariffs on imports of gold, President Trump posted on Monday, following a ruling from Customs and Border Protection that had made the precious metal subject to steep duties. “Gold will not be Tariffed!” Trump posted on his Truth Social platform, without further explanation.

• President Trump deployed National Guard troops to Washington, D.C., and placed the city’s police department under federal control, launching an unprecedented effort to take charge of the nation’s capital.
   
• A federal judge on Monday denied the Justice Department’s bid to release grand jury materials from its investigation into Jeffrey Epstein associate Ghislaine Maxwell, saying the request didn’t meet the high legal bar to make the secret materials public.
   
• An Israeli airstrike killed five Al Jazeera journalists, including one of the most prominent reporting from Gaza, the network said Monday.
   
• An explosion at a U.S. steel facility in Pennsylvania killed at least one person and injured 10 more, authorities said Monday.

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