China isn't holding back! 🚀 On Monday, the Chinese Ministry of Commerce expressed strong opposition and dissatisfaction towards the U.S. launching a Section 301 investigation into China's semiconductor industry policies.
\"This investigation is clearly unilateral and protectionist,\" the ministry stated, calling out the U.S. move. 😠
But what's the big deal? 🤔
The ministry highlighted that this probe could disrupt and distort global semiconductor supply chains, not just hurting China but also harming U.S. businesses and consumers. Ouch! 💔
Here's some scoop: The U.S. has been giving major subsidies to its own chip industry through laws like the CHIPS and Science Act. Fun fact: U.S. semiconductor companies hold about 50% of the global market! 🏆
Meanwhile, Chinese-made chips make up a tiny 1.3% of the U.S. market. 📉 The ministry, citing a recent U.S. Department of Commerce report, pointed out that China's chip exports to the U.S. are way lower than imports from the U.S.
The takeaway? China is urging the U.S. to respect facts and multilateral rules. The ministry emphasized they'll keep a close eye on the investigation and \"take all necessary measures\" to defend their rights and interests. 💪
Looks like this tech tussle is heating up! 🔥 Stay tuned for more updates on this unfolding story. 📰
Reference(s):
China opposes U.S. investigation into Chinese semiconductor industry
cgtn.com
