Bloomberg: US Sees China Tech Export Limits Deal with Allies in Near Term

&copy Bloomberg. WASHINGTON, DC, SEPTEMBER 9, 2014: The Pentagon Principal Deputy Defense Secretary for Acquisition, Technology and Logistics, Alan Estevez, testifies about the military equipment that the federal government gave to local law enforcement agencies during a hearing at the Dirksen Senate Office Building, Capitol Hill, September 9, 2014. The committee was critical of federal grant programs that allow local and national law enforcement agencies the ability to purchase armored vehicles, assult guns, body armor, and other military gear in the wake the Ferguson, MO police response to peaceful protests. (Photo by Chip Somodevilla/Getty Images).

(Bloomberg) — The top US official overseeing export controls said he expects a deal with global allies to limit shipments of chip-production equipment to China in the “near term,” building on rules Washington announced earlier this month. 

“We expect to have a deal done in the near term,” Alan Estevez, under secretary of Commerce for industry and security, told an audience at an event hosted by the Washington-based Center for a New American Security on Thursday. Making the controls multilateral is “a work in progress.”

The US Commerce Department unveiled the sweeping regulations on Oct. 7, aiming to curb the sale of advanced semiconductors and equipment to China and ban Americans from helping with the country’s development of chip technologies, striking at the foundation of the country’s efforts to build its own cutting-edge chip technologies. 

The $550 billion industry was stunned by the announcement. Already, US chip-equipment supplier such as Lam Research Corp (NASDAQ :)., Applied Materials Inc. and KLA Corp. have stopped employees from working with China’s top memory chipmaker and indicated their sales will take a hit. 

©2022 Bloomberg L.P.

News Source and Credit

Stocksak Editorial

We are a financial blog that covers topics such as investing, saving, spending, and earning more money. Please feel free to peruse our site and read any of the articles that catch your interest.

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button