The Biden administration is reducing the types of semiconductors that American companies will be able to sell to China, citing the desire to close loopholes in existing regulations announced last year.
On Tuesday, the US Commerce Department unveiled new rules that further tighten a sweeping set of export controls first introduced in October 2022. The updated rules “will increase effectiveness of our controls and further shut off pathways to evade our restrictions,” US Commerce Secretary Gina Raimondo said in a statement.
In recent months, the United States has enlisted its allies in Europe and Asia in restricting sales of advanced chipmaking equipment to China. In July, Beijing hit back by imposing its own curbs on exports of germanium and gallium, two elements essential for making semiconductors. Nvidia, Intel, AMD affected Shares of US chipmakers fell Tuesday following the announcement of new export controls. Nvidia’s stock closed down 4.7%, while Intel slipped 1.4%. AMD shares ended 1.2% lower.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
The Biden Climate Legacy: American WeaknessAmericans deserve an all-of-the-above, pro-American energy strategy. That's not just good for America, it's also good for the world.
Read more »
Israel-Hamas War Live Updates: In Speech, Biden Says American Leadership Is What Holds World TogetherIsrael and militants blame each other for an explosion at a hospital compound in Gaza that Palestinian officials say killed hundreds shortly before President Biden's visit to Israel.
Read more »
Israel-Hamas War Live Updates: In Speech, Biden Says American Leadership Is What Holds World TogetherIsrael and militants blame each other for an explosion at a hospital compound in Gaza that Palestinian officials say killed hundreds shortly before President Biden's visit to Israel.
Read more »
Biden nods to slain Will County boy in Oval Office address: ‘Wadea, a proud American’The president mentioned Wadea Al-Fayoume during a primetime speech Thursday night where he expressed support for armed struggle in Ukraine and Israel.
Read more »