In a press conference following a meeting of trade ministers in the Indo-Pacific Economic Framework talks led by the United States, Commerce Secretary Gina Raimondo expressed strong opposition to China's effective ban on purchasing Micron Technology memory chips.
Raimondo stated that the United States will not tolerate what she referred to as "economic coercion" by China and assured that they are working closely with their allies to address this issue.
Raimondo emphasized that China's actions against Micron are unfounded and target a single American company. She labeled it as a clear case of economic coercion, and she firmly believes that such tactics will not succeed.
China's cyberspace regulator had recently claimed that Micron, the largest memory chip maker in the United States, failed its network security review, leading to a ban on operators of critical infrastructure from purchasing from the company. This move was made shortly after the G7 industrial democracies agreed on initiatives to counter China's economic coercion, a decision that Raimondo acknowledged.
The Commerce Secretary disclosed that she discussed the Micron issue with China's Commerce Minister, Wang Wentao, during a meeting held earlier in the week. Raimondo also highlighted the alignment between the IPEF agreement on supply chains and the goals of the CHIPS Act, a $52 billion investment by the United States to bolster domestic semiconductor production.
She expressed openness to participation from companies in IPEF countries such as Japan, Korea, and Singapore, stating that they expect these companies to engage in CHIPS Act funding.
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