The Trump Administration banned some companies in strategic industries from exporting to China
As Commerce Department sources told the Financial Times, the companies affected by this measure are those that supply software used to design semiconductors.
Lutnick and Trump in the Oval Room.
The Trump administration barred some companies from selling products to China. This is what a spokesman for the Department of Commerce, which is headed by Howard Lutnick, told CNN. Specifically, the companies affected by this measure are those that provide the software used to design semiconductors, moving this strategic industry and its latest advances away from Chinese companies.
"The spokesperson said the department is reviewing exports of strategic significance to China. In some cases, Commerce has suspended existing export licenses or imposed additional license requirements while the review is pending," reported the cited media outlet.
The Financial Times also reported the news after speaking with its sources. According to its information, the agency headed by Lutnick communicated through letters with so-called electronic design automation groups, including Cadence, Synopsys, and Siemens EDA.
This ban came in the midst of the tariff truce between the United States and China. According to the agreement, which was negotiated by Scott Bessent in the city of Geneva, both countries will reduce tariffs by 115 points. Thus, the Trump Administration left its tariffs on Chinese goods at 30%, while Beijing maintained 10% on U.S. goods. Negotiations are expected to continue in the future.
Developing news...
LATEST
