China’s Commerce Ministry says US measures on Chinese chips are bullying, protectionist

China’s Commerce Ministry said early Wednesday that US measures on China’s advanced chips are ‘typical of unilateral bullying and protectionism.’ Chinese authorities urged the US to immediately correct its erroneous practices. 

Key quotes

• US measures on China’s advanced chips are ‘typical of unilateral bullying and protectionism.’
  US chip measures seriously undermine the stability of the global semiconductor industry chain and supply chain.
• US abuses export controls to contain and suppress China, violating international law and basic norms.
• Suspects that US measures constitute discriminatory, restrictive measures against Chinese companies.
• Any organization or individual that implements or assists in the implementation of US measures shall bear corresponding legal liabilities.
• Urges the US to immediately correct its erroneous practices.
• Urges the US to abide by international economic and trade rules and respect other countries’ rights to scientific and technological development.

Market reaction

At the time of writing, the AUD/USD pair is trading 0.21% higher on the day to trade at 0.6438.