Commerce secretary says the US ‘won’t tolerate’ China’s Micron chip embargo. “We won’t tolerate” China’s effective embargo on Micron Technology (MU.O) memory chip purchases, U.S. Commerce Secretary Gina Raimondo said Saturday.
Raimondo told a news conference after a trade ministers’ meeting in the U.S.-led Indo-Pacific Economic Framework negotiations that the U.S. “firmly opposes” China’s moves against Micron.
These “target a single U.S. company without any basis in fact, and we see it as plain and simple economic coercion and we won’t tolerate it, nor do we think it will be successful.”
On May 21, China’s cyberspace authority said Micron, the largest U.S. memory chip producer, had failed its network security examination and would prevent operators of important infrastructure from buying from it, predicting a revenue drop.
Raimondo underlined that the G7 industrial democracies committed new steps to counter China’s economic coercion a day prior.
“As we said at the G7 and have said consistently, we are closely engaging with partners addressing this specific challenge and all challenges related to China’s non-market practices.”
On Thursday, Raimondo discussed Micron with Wang Wentao, China’s Commerce Minister.
She also said the IPEF agreement on supply chains and other discussion pillars would align with U.S. efforts in the $52 billion CHIPS Act to boost semiconductor manufacture.
The CHIPS Act investments boost domestic semiconductor production. “However, we welcome participation from IPEF countries, so we expect companies from Japan, Korea, Singapore, etc., to participate in CHIPS Act funding,” Raimondo stated.
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