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Trade war

China's top chipmaker SMIC cuts spending due to US export curbs

Company logs strong Q3 but warns crackdown on Huawei will hit earnings

TAIPEI/HONG KONG -- China's top chipmaker Semiconductor Manufacturing International Co. confirmed on Thursday that it is cutting capital expenditure for the year by nearly 12% due to stricter U.S. export controls, despite logging robust third quarter earnings.

SMIC Chairman Zhou Zixue said "there are indeed impacts because of the U.S. export control regulations," though he stressed that they are manageable and that the company is communicating with Washington over the issue.

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