The Commerce Department on Tuesday updated and broadened its export controls to stop China from acquiring advanced computer chips and the equipment to manufacture them.
The revisions come roughly a year after the export controls were first launched to counter the use of the chips for military applications that include the development of hypersonic missiles and artificial intelligence.
“These export controls are intended to protect technologies that have clear national security or human rights implications,” Commerce Secretary Gina Raimondo said on a call with reporters. “The vast majority of semiconductors will remain unrestricted. But when we identify national security or human rights threats, we will act decisively and in concert with our allies.”
The updates stemmed from consulting with industry and conducting technological analyses. There will now be a gray zone that will be monitored for chips that could still be used for military aims even if they might not meet the thresholds for trade limitations.
Chip exports can also be restricted to companies headquartered in Macao or anywhere under a U.S. arms embargo, preventing countries of concern from circumventing the controls and providing chips to China.
The updates also introduce new requirements that make it more difficult for China to manufacture advanced chips abroad. The list of manufacturing equipment that falls under the export controls has also been expanded, among other changes to the policy.
The export controls announced last year were a source of frustration for the Chinese government, which viewed the design and manufacturing of high-level semiconductors as essential for its economic and geopolitical goals. Raimondo has said the limits on these chips are not designed to impair China's economic growth.
In an August meeting, Raimondo and her Chinese counterparts agreed to exchange information about the export controls. But a senior administration official, insisting on anonymity to discuss the policy, said the U.S. government did not discuss with China the parameters of the revised export controls. China’s No. 2 leader, Premier Li Qiang, appealed for “concrete actions” by Washington to improve relations, a reference to Chinese pressure for changes in U.S. policy on technology, Taiwan and other issues.
Chinese government officials are scheduled to go to San Francisco in November for the Asia-Pacific Economic Cooperation summit.
President Joe Biden has suggested he could meet on the sidelines of the summit with Chinese President Xi Jinping, though a meeting has yet to be confirmed. The two leaders met last year following the Group of 20 summit in Bali, Indonesia, shortly after the export controls were announced.
A record 4.5 million Americans quit their jobs in November as people continue to take advantage of red hot job market. The resignation rate is now the highest in the two decades the government has kept records, with many people voluntarily leaving their current jobs for other opportunities. Harley Lippman, CEO of Genesis 10, discusses how why so many people are quitting their jobs right now, and how the tech sector is being impacted.
It was 'game on' for sports bettors in the state of New York, as mobile betting kicked off on four major betting operating platforms Saturday. This comes at an exciting time for sports fans with some of the biggest NFL games of the season right around the corner. Cam Rogers - Host of Lock It In with Cam Rogers, Betting Analyst at the Bleav Podcast Network joined Cheddar's Opening Bell to discuss.
Take-Two Interactive is set to buy Zynga for $12.7 billion. The deal marks the latest blockbuster acquisition in the video game industry. The massive deal will bring the maker of popular mobile games like 'Farmville' and 'Words with Friends' under the scope of Take-Two, the company behind 'Grand Theft Auto' and 'NBA 2K.' Kenny Rovello, President & Co-Founder of Arkadium, joined Cheddar's Opening Bell to discuss.
The United States purchased over 600,000 doses of a monoclonal antibody treatment from Glaxosmithkline and Vir Biotechnology, bringing the total worldwide doses purchased to 1.7 million. This comes as the country attempts to ramp up treatment options as cases of the omicron variant continue to surge. Dr. Asha Shah, Director of Infectious Diseases at Stamford Health joined Cheddar's Opening Bell to discuss.
GameStop is getting into the NFT and crypto space. The video game retailer announced the launch of an entire division aimed at creating a marketplace for NFTs and other crypto partnerships. The move comes as part of a turnaround plan by GameStop which has struggled in recent years as gamers shift away from physical game releases. Patrick McConlogue, CEO, Overline & Former Citadel Investment Group Engineer joined Cheddar's Opening Bell.
Max Bichsel, vice president at Gambling.com Group joins Cheddar News to talk about the growing sports betting industry, New York legalizing mobile betting, and 2022 predictions for the sector.
Meta's request to have a Federal Trade Commission antitrust lawsuit dismissed was rejected by a federal judge. Prosecutors presented enough evidence in their latest filing to go forward with the case accusing the tech giant of operating a social networking monopoly through Facebook, Instagram, and WhatsApp.
Mario Stefanidis, Vice President of Research at Roundhill Investments, joined Wake Up With Cheddar to break down the implications of the Take-Two deal to purchase Zynga, as the gaming giant looks to become a major player in mobile gaming.
