WASHINGTON (Financial Times) -- Chipmakers must agree not to expand capacity in China for a decade if they are to receive money from a $39 billion federal fund designed to build a leading-edge U.S. semiconductor industry, according to new Commerce Department rules.
US-China tensions
U.S. CHIPS Act fund bars chipmakers from China expansion for 10 years
Washington also bans beneficiaries of $39bn program from using cash for share buybacks
U.S. Commerce Secretary Gina Raimondo, right, and Secretary of State Antony Blinken participate in a U.S.-European Union Trade and Technology Council ministerial meeting at the University of Maryland in December. © Reuters
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