US Commerce chief raised Micron, Intel with Chinese officials (updated)

Tower Semiconductor

28/08/2023 13:55

(Adds more details)
    By David Shepardson
       BEIJING, Aug 28 (Reuters) - U.S. Commerce Secretary Gina
Raimondo said on Monday that she raised concerns about a number
of U.S. business issues including Intel  INTC.O  and Micron
 MU.O  with Chinese Commerce Minister Wang Wentao.
    Raimondo told two reporters in a brief interview she also
discussed restrictions which China has imposed on gallium and
germanium exports in wide-ranging and candid discussions with
Wang. She met with Wang for more than two hours and then they
had a two-hour lunch.
    Raimondo in May said the United States "won't tolerate"
China's effective ban on purchases of Micron Technology  MU.O  
memory chips and is working closely with allies to address such
"economic coercion."
    Earlier this month, Intel terminated its $5.4 billion
acquisition of Tower Semiconductor, after failing to secure
approval from China's State Administration for Market
Regulation.
    China, the world's top germanium producer accounting for
more than 60% of global supply, in July announced restrictions
on the export of eight gallium and six germanium products, which
are used to make semiconductors, effective from Aug. 1, citing
national security reasons.
    Raimondo announced earlier on Monday that China had agreed
to create a new formal working group on commercial issues with
the United States.
    The new commercial issues working group is a consultation
mechanism involving U.S. and Chinese government officials and
private sector representatives "to seek solutions on trade and
investment issues and to advance U.S. commercial interests in
China."
    The United States and China also agree to convene subject
matter experts from both sides for technical discussions
"regarding strengthening the protection of trade secrets and
confidential business information," Raimondo said. 

 (Reporting by David Shepardson  Editing by Jason Neely and Mark
Potter)
 ((David.Shepardson@thomsonreuters.com; 2028988324;))