US announce embargo against Chinese chip manufacturer


The United States is imposing sanctions against the chip manufacturer Fujian Jinhua Integrated Circuit Company ( controlled by the Chinese government. The US is thus taking a new step in the trade war with China.

The Washington Department of Commerce announced that, for the sake of national security, it will put Fujian Jinhua on a list of companies that American companies can not supply without special licenses.

Previously, the American competitor Micron had accused the Chinese of intellectual property theft. The US took similar measures against the Chinese telecom company ZTE, after which the activities had to be stopped. The sanctions against ZTE were lifted in July, after US President Donald Trump had been personally involved and the company had paid a billions fine.

Since then, the relationship between Washington and Beijing has deteriorated. Financial news agency Bloomberg reported, on the basis of three “good” sources, that the US is considering introducing penalty charges on all remaining goods for which there are no levies yet. New charges could still be averted if the meeting between Trump and Chinese president Xi Jinping at the G20 summit in Buenos Aires would yield a positive result.

By: Abaigael Schlomski

Abaigael Schlomski is an accomplished economist and financial journalist with over a decade of experience in the industry. He is a regular contributor to EconomicInform, where he provides in-depth analysis and expert commentary on the latest economic trends and events. With a keen understanding of the financial markets and a talent for breaking down complex economic concepts for a general audience, Maurice is a trusted and respected voice in the field.

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