Biden administration warned China to expect updated export curbs in October: Report

Biden administration plans to update rules limiting shipments of AI chips and chipmaking tools to China in early October.

Livemint
Updated3 Oct 2023, 08:19 AM IST
US President Joe Biden warned Beijing of its plans to update rules that curb shipments of AI chips to China
US President Joe Biden warned Beijing of its plans to update rules that curb shipments of AI chips to China(AP)

The US had warned China of its plans to update rules on export of the AI chips and chipmaking tools as soon as early October, an official told Reuters news agency.

The US Commerce Department, which oversees export controls, is working on an update of export restrictions first released last year.

Now, the Biden administration aims to limit access to more chipmaking tools in line with new Dutch and Japanese rules and to close some loopholes in export restrictions on artificial intelligence (AI) chips.

According to the US officials, they provided information to Chinese counterparts in recent weeks regarding the curb shipments of AI chips and chipmaking tools to Chinese counterparts in recent weeks. Treasury Secretary Janet Yellen also gave Chinese officials a warning in July about restrictions on US investment in China released in August.

(Exciting news! Mint is now on WhatsApp Channels. Subscribe today by clicking the link and stay updated with the latest financial insights! Click here!)

In a bid to stabilise relations with China, the Biden administration decided to give heads up about the rules to China.

The restrictions released last October sought to prevent U.S. technology from being used to strengthen the Chinese military by cutting off its access to advanced AI chips and curbing its ability to import the most sophisticated chipmaking tools from the United States.

The Biden administration is hoping to clinch Chinese President Xi Jinping's attendance at the Asia-Pacific Economic Cooperation (APEC) summit in San Francisco in November, too, an effort which also has weighed on the timing of the upcoming export rules' release.

Biden and Xi have not met in person since a G20 summit on Indonesia's resort island of Bali in November last year.

Meanwhile, the upcoming US rules could hit ASML, the world's leading chip equipment maker and Netherlands' largest company, because its systems contain US parts and components.

America, the Netherlands, and Japan, which together control the world's top chipmaking equipment, agreed to coordinate efforts earlier this year.

Catch all the Business News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.

MoreLess
First Published:3 Oct 2023, 08:19 AM IST
Business NewsNewsWorldBiden administration warned China to expect updated export curbs in October: Report

Get Instant Loan up to ₹10 Lakh!

  • Employment Type

    Most Active Stocks

    Tata Steel share price

    152.30
    03:45 PM | 5 NOV 2024
    5.35 (3.64%)

    Bharat Electronics share price

    286.15
    03:44 PM | 5 NOV 2024
    2.1 (0.74%)

    Bank Of Baroda share price

    257.80
    03:45 PM | 5 NOV 2024
    5.05 (2%)

    State Bank Of India share price

    849.20
    03:42 PM | 5 NOV 2024
    19.35 (2.33%)
    More Active Stocks

    Market Snapshot

    • Top Gainers
    • Top Losers
    • 52 Week High

    Deepak Fertilisers & Petrochemicals Corporation share price

    1,310.00
    03:29 PM | 5 NOV 2024
    33.3 (2.61%)

    National Aluminium Company share price

    234.65
    03:29 PM | 5 NOV 2024
    3.85 (1.67%)

    Gillette India share price

    10,519.05
    03:29 PM | 5 NOV 2024
    116.1 (1.12%)

    Suven Pharmaceuticals share price

    1,332.50
    03:29 PM | 5 NOV 2024
    12.85 (0.97%)
    More from 52 Week High

    Rainbow Childrens Medicare share price

    1,544.50
    03:29 PM | 5 NOV 2024
    -86.2 (-5.29%)

    PB Fintech share price

    1,627.00
    03:29 PM | 5 NOV 2024
    -85.75 (-5.01%)

    Torrent Power share price

    1,708.00
    03:29 PM | 5 NOV 2024
    -88.75 (-4.94%)

    Tube Investments Of India share price

    4,169.00
    03:29 PM | 5 NOV 2024
    -191.1 (-4.38%)
    More from Top Losers

    HFCL share price

    127.80
    03:29 PM | 5 NOV 2024
    8.45 (7.08%)

    Jindal Saw share price

    326.10
    03:29 PM | 5 NOV 2024
    16.15 (5.21%)

    Oil India share price

    496.00
    03:29 PM | 5 NOV 2024
    23.55 (4.98%)

    Himadri Speciality Chemical share price

    587.95
    03:29 PM | 5 NOV 2024
    27.65 (4.93%)
    More from Top Gainers

    Recommended For You

      More Recommendations

      Gold Prices

      • 24K
      • 22K
      Bangalore
      80,255.00-160.00
      Chennai
      80,261.00-160.00
      Delhi
      80,413.00-160.00
      Kolkata
      80,265.00-160.00

      Fuel Price

      • Petrol
      • Diesel
      Bangalore
      102.92/L0.00
      Chennai
      100.80/L-0.23
      Kolkata
      104.95/L0.00
      New Delhi
      94.77/L0.00

      Popular in News

        HomeMarketsPremiumInstant LoanMint Shorts