The diplomatic framing around Jensen Huang's Beijing visit — arriving alongside a US presidential delegation — suggested a thaw in the chip standoff. That framing is now contradicted by the delivery record: US export licenses exist, Chinese buyers are named, and no shipments have moved. What the customs block establishes institutionally is that China has converted its border authority into a policy instrument separate from any bilateral negotiation. The US can grant, rescind, or re-grant export licenses — Beijing's customs enforcement operates independently of that cycle. For any company planning…