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China keeps on finding ways to hurt USA

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Beijing has asked domestic EV companies to ramp up spending with local chipmakers, per Bloomberg.

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China isn't done squeezing US companies just yet.

 

Beijing appears to have found yet another way to hurt American business after Bloomberg reported on Friday that authorities there had started to ask domestic electric-vehicle manufacturers to ramp up their spending with local chipmakers — at the expense of US ones.

 

The directive, said to be led by China's Ministry of Industry and Information Technology, would align with efforts in China to revive a nationalist spirit by encouraging a focus on domestic industry over a reliance on the US.

 

Beijing would be putting up another barrier for US tech companies seeking to do business in a market that has become crucial to their growth in recent years.

Apple, for instance, generated almost 20% of its revenue from sales in China last year. Nvidia reported $10.3 billion in revenue from China for its latest fiscal year, up from $5.8 billion the year prior.


https://www.businessinsider.com/china-has-found-another-way-to-hurt-usa-inc-2024-3

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