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Just around the time Joe Biden was concluding a meeting with more than a dozen CEOs on Monday addressing the global chip shortage that has snarled supply chains and brought high-tech industries to a stop (a meeting in which he offered $50 billion for semiconductor manufacturing and research), China’s Huawei Technologies – which has been stockpiling chips at an unprecedented pace for the past 4 years – blamed the U.S. for the chip crunch rocking the global tech industry, saying Washington’s sanctions against Chinese companies have spurred panic buying of semiconductors and other supplies.
“Because of the U.S. sanctions against Huawei, we have seen panic stockpiling among global companies, especially the Chinese ones. In the past, companies were barely stockpiling, but now they are building up three or six months’ worth of inventory … and that has disrupted the whole system,” Rotating Chairman Eric Xu said at the company’s 18th Huawei Analyst Summit, the Nikkei reported.
So… it’s the US’ fault that China is buying up and stockpiling every chip it can find in advance of the next trade war? Got it.
In retrospect, Trump’s decision to place Huawei and other Chinese tech companies on trade blacklists that restrict their access to American technology was prophetic as their behavior demonstrates.
“Clearly the unwarranted U.S. sanctions against Huawei and other [Chinese] companies are creating an industry-wide supply shortage, and this could even trigger a new global economic crisis,” Xu added.
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