1 year ago
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U.S. Commerce Secretary Gina Raimondo doubled down connected the Biden administration's arguable program to prohibition U.S. companies, and citizens, from helping China manufacture precocious semiconductor chips, saying: "We person to support the American radical against China. Period. Full stop."
"China has go much assertive successful what they telephone their military-civil fusion strategy, which is fundamentally fancy speech for buying our blase chips, which are supposedly for commercialized purposes, Raimondo said successful an interrogation Thursday with CNBC's Jim Cramer. China, however, is utilizing those chips successful subject instrumentality that U.S. officials interest could beryllium utilized against America, she said. "This is the astir strategic, astir bold determination we've ever made to accidental no, we're not going to basal for that."
In October, the Biden medication imposed export restrictions connected semiconductors manufactured successful China by U.S. companies. The medication has besides called connected U.S. allies to contented akin restrictions. "I deliberation you'll spot different countries travel us," she said.
U.S. spot makers volition person to get a licence from the Commerce Department to export definite chips that tin beryllium utilized successful modern weapons systems. Commerce besides issued licence restrictions barring U.S. citizens from moving for China's spot manufacturing industry, putting their U.S. citizenship astatine risk.
Raimondo says the caller regularisation is "necessary" contempt denying immoderate gross to immoderate U.S. companies."
The Commerce Secretary added that the regulations are not designed to punish U.S. businesses.
"This is targeted. We didn't bash this connected time one. We've been moving connected this for a year. It is powerful, but it's besides targeted to get the nationalist information occupation done and not punish U.S. companies," Raimondo said.
