US commerce chief says China export controls will hit companies' revenue

WASHINGTON : Commerce Secretary Gina Raimondo said on Wednesday the Biden administration is seeking to carefully target U.S. controls on exports to China, but rules will cost firms some revenue.

Last week, U.S. chip company executives met with top Biden administration officials, including Raimondo, to discuss China policy, as the most powerful semiconductor lobby group urged a halt to more curbs under consideration. Last year, China accounted for $180 billion in semiconductor purchases, close to a third of the worldwide total of $574.1 billion and the largest single market, according to the Semiconductor Industry Association.

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