Biden administration warned China to expect updated export curbs in October: Report
(Exciting news! Mint is now on WhatsApp Channels. Subscribe today by clicking the link and stay updated with the latest financial insights! Click here!) In a bid to stabilise relations with China, the Biden administration decided to give heads up about the rules to China.
The restrictions released last October sought to prevent U.S. technology from being used to strengthen the Chinese military by cutting off its access to advanced AI chips and curbing its ability to import the most sophisticated chipmaking tools from the United States.
The Biden administration is hoping to clinch Chinese President Xi Jinping's attendance at the Asia-Pacific Economic Cooperation (APEC) summit in San Francisco in November, too, an effort which also has weighed on the timing of the upcoming export rules' release. Biden and Xi have not met in person since a G20 summit on Indonesia's resort island of Bali in November last year.
Meanwhile, the upcoming US rules could hit ASML, the world's leading chip equipment maker and Netherlands' largest company, because its systems contain US parts and components. America, the Netherlands, and Japan, which together control the world's top chipmaking equipment, agreed to coordinate efforts earlier this year."Exciting news! Mint is now on WhatsApp Channels
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