Home Forex US President Biden to hit China with broader restrictions on US chip and tool exports – Reuters

US President Biden to hit China with broader restrictions on US chip and tool exports – Reuters

by SuperiorInvest

Citing several people familiar with the matter, Reuters said the administration of US President Joe Biden is considering plans to expand restrictions on US shipments of semiconductors and chip-making tools to China next month.

Other things to take with you

“The Commerce Department intends to publish new regulations based on restrictions announced earlier this year in letters to three US companies – KLA Corp, Lam Research Corp and Applied Materials Inc.”

“The regulations would likely include additional actions against China. The restrictions could also be changed and the rules published later than expected.”

A senior trade official said: “As a general rule, we are looking to codify any restrictions that are in the informed letters with the regulatory change.”

Also read: US President Biden delays decision on Trump’s tariffs on China

Market reaction

AUD/USD is bearing the brunt of renewed US-China tensions and the covid resurgence in Beijing, falling 0.18% to trade at 0.6826 at the time of writing.

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