While the Trump administration was trying to make a TikTok deal happen during a meeting with China last weekend, Beijing was busy adding its own bargaining chips to the table. Actual chips, in fact—semiconductors.
In the past week, China has unveiled a series of regulatory actions targeting American chipmakers. The most significant is an anti-dumping investigation into American legacy chips that power everything from cars and refrigerators to washing machines and data centers. Unlike cutting-edge GPUs, these chips rarely make headlines, but they are essential to powering everyday electronics. Crucially, this is also an area where Chinese firms have caught up. By alleging that American firms have been flooding the
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