Chinese embassy calls on US to end semiconductor export controls

The Chinese embassy in the U.S. has called on the Trump administration to end the semiconductor export controls, as it believes they are being abused.

“Since the China-U.S. economic and trade talks in Geneva, both sides have maintained communication over their respective concerns in the economic and trade fields on various bilateral and multilateral occasions at multiple levels,” the embassy said in a statement obtained by CNBC. “Recently, China has repeatedly raised concerns with the U.S. regarding its abuse of export control measures in the semiconductor sector and other related practices. China once again urges the U.S. to immediately correct its erroneous actions, cease discriminatory restrictions against China and jointly uphold the consensus reached at the high-level talks in Geneva.”

The embassy’s comments come after President Trump posted on social media this morning that the Chinese have violated their trade agreement with the U.S. Trump did not specify how the Chinese violated the agreement or in what fashion.

Related tickers: Nvidia (NASDAQ:NVDA), Intel (NASDAQ:INTC), Broadcom (NASDAQ:AVGO), AMD (NASDAQ:AMD)

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