Last week, the U.S. issued new guidance on using the Ascend chip from China’s Huawei, adding that the chip was “likely developed or produced in violation of U.S. export controls.” Now, China has issued a response, characterizing the controls as “discriminatory measures.”
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China Promises Actions if U.S. Continues to Harm its Interests
On Monday, a spokesperson from China’s Ministry of Commerce noted that the U.S. was abusing its export control power and urged the country to “correct its wrongdoings,” according to a translation of the statement. The U.S.’ actions also “seriously undermine the consensus reached during the high level Geneva between the China and the U.S.” The spokesperson concluded that China would be forced to retaliate if the U.S. continues to harm its interests.
Despite the persisting tensions, the iShares China Large-Cap ETF (FXI) is up by 17% year-to-date.
