Wall Street was on track for a subdued start on Monday as major chip companies slipped on the eve of a key tariff deadline after a trade policy shift that involves sharing a portion of revenue from China sales with the Trump administration.

Nvidia and AMD have agreed to pay the US government 15% of their revenues from semiconductor sales to China in exchange for export licenses, an unprecedented quid pro quo arrangement aimed at solidifying America’s AI business dominance while maintaining trade ties with China.