This post was originally published on this sitehttps://i-invdn-com.investing.com/trkd-images/LYNXMPEJ4M0P8_L.jpg
The restrictions this week by China’s cyberspace regulator against Micron, the biggest U.S. memory chipmaker, were the latest in a widening trade dispute between the world’s top two economies.
“The Chinese government’s announced action against Micron is not based in fact and is a troubling use of economic coercion against the U.S.,” Senate Majority Leader Chuck Schumer said in a statement.
“I am working closely with the Biden administration to make clear to the Chinese government that this sort of behavior is unacceptable and unproductive,” Schumer said.
China’s cyberspace regulator said on Sunday that Micron had failed its network security review and that it would block operators of key infrastructure from buying from the company.
Micron on Monday forecast a hit to revenue in the low-single to high-single digit percentage after the ban.