The US placed export controls on China's biggest chipmaker SMIC on Friday, stating there was an "unacceptable risk" of military use.SMIC denied having any relationship with the Chinese military.Visit Business Insider's homepage for more storiesThe United States has imposed restrictions on exports to China's biggest chip maker SMIC after concluding there is an "unacceptable risk" equipment supplied to it could be used for military purposes.
SMIC said it had not received any official notice of the restrictions and said it has no ties with the Chinese military. SMIC is the latest leading Chinese technology company to face U.S. trade restrictions related to national security issues or U.S. foreign policy efforts. Telecoms giant Huawei had its access to high-end chips curtailed by its addition to a Commerce Department blacklist known as the entity list.
SMIC's new designation is not as severe as being blacklisted, which makes it difficult to get any export license approved. It is unclear which suppliers received the letter, but typically once the Commerce Department comes to the conclusion that there is a risk of military use or diversion, it sends that information to the companies.
Fake news.
Long overdue and more sanction is in order. The way China stole our technology and copied our products, sanctions alone do not really address the problems.
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