Commerce Secretary Lemondo and Commerce Minister Wang Wentao meet in Beijing
🟦 U.S. and China agree to establish a negotiating body on semiconductor regulation
U.S. Secretary of Commerce Remondo and Chinese Commerce Minister Wang Wentao met in Beijing. Therefore, we agreed to establish a consultative body to resolve trade and investment issues. In addition, a framework for sharing information on export regulations such as semiconductors has been established.
🟦 Semiconductor regulations have a negative impact on the economies of both countries
Conflicts such as export restrictions on semiconductors between the two countries are increasing. In October 2022, the United States banned the export of advanced semiconductor technologies and manufacturing equipment to China. As a result, the value of manufacturing equipment exports to China decreased by about half compared to the same period of the previous year. On the other hand, China has restricted the procurement of products from major U.S. semiconductor companies and made it a permit system for the export of semiconductor materials.
🟦Summary
Commerce Secretary Lemondo and Commerce Minister Wang Wentao meet in Beijing and agree to establish a new framework for sharing information centered on semiconductor export control issues
The deepening of the confrontation has had a negative impact on the economies of both countries.
