Detroit, May 27, 2010 (FBC) The United States will not “tolerate” a ban on China’s Micron Technology ( MU.O ) purchase of memory chips and is working closely with partners to address such “economic coercion,” US Commerce Secretary Gina said. Raimondo said on Saturday.
Raimondo told a news conference after a meeting of trade ministers of the US-led Indo-Pacific Economic Framework that the US “strongly opposes” China’s move against Micron.
These are “targeted without an American company, and we see it as plain and simple economic coercion and we will not tolerate it, or we do not believe it will be successful.”
China’s cyberspace regulator said on May 21 that Micron, the largest US memory chip maker, had failed its network security assessment and predicted a revenue cut that would deter key infrastructure operators from buying from the company.
The move comes a day after leaders of the G7 industrialized democracies agreed on new initiatives to push back against China’s economic coercion – a decision by Remondo.
“As we said at the G7 and as we’ve said continuously, we’re engaging closely with partners to address this particular challenge and the problems associated with customs outside the Chinese market.”
Raimondo raised the Micron issue during a meeting with Chinese Commerce Minister Wang Wentao on Thursday.
IPEF’s agreement on supply chains and other pillars of talks on the $52 billion CHIPS Act to boost U.S. semiconductor production will align with U.S. investments, he said.
“Investments in the CHIPS Act are to strengthen and strengthen our domestic semiconductor production. Having said that, we welcome participation from companies in IPEF countries, you know, so we expect companies from Japan, Korea, Singapore, etc. to participate in the financing of the CHIPS Act.” Remondo said.
Reporting by David Lauder; Editing by Chizu Nomiyama
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