US outlines stance on export controls to China, sweeping set of rules to be issued

On July 26, US Commerce Secretary Gina Raimondo said that President Joe Biden's administration is carefully considering controls on the country's exports to China.

US Commerce Secretary's views on export controls to China. (Source: Reuters)

The restrictions will reduce revenue for US companies, but are necessary, Raimondo said.

The US Commerce Secretary stressed that the scope of the restrictions should not be so broad that they would severely impact the revenues of companies in the world's two largest economies that could buy products from elsewhere.

" The government is meeting with businesses to ensure that the restrictions are designed to protect national security but do not harm American businesses," she said.

Last week, several executives from major U.S. semiconductor companies met with top White House officials, including Ms. Raimondo, to discuss trade policy with China.

The meeting comes as the chip industry's lobbying group is urging the US government to temporarily halt tighter restrictions that are currently under consideration.

The world's second-largest economy is the world's largest single market for chips, according to the Semiconductor Industry Association. Last year, China bought $180 billion worth of chips, nearly a third of the world 's total.

All three chip giants Nvidia, Qualcomm and Intel have strong sales in the billion-people market.

Of these, Qualcomm is the only company licensed by US regulators to sell mobile phone chips to Chinese telecommunications company Huawei.

The US government is considering updates to a sweeping set of rules, due to be issued in October 2023, that are said to target China's chip industry and a new executive order that would restrict some overseas investments.

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