SEMI Welcomes Efforts to Reduce U.S.-China Trade Tensions
MILPITAS, Calif. - December 4, 2018 (Investorideas.com Newswire) SEMI, the global industry association representing the electronics manufacturing supply chain, today applauded the United States and China for agreeing to take first steps to reduce trade tensions. The U.S. plans to delay tariff increases on $200 billion worth of Chinese imports, China has vowed to increase U.S. market access, and both parties are planning talks over the course of 90 days to address current frictions.
"Everyone, businesses and consumers alike, relies on devices powered by semiconductors," said Ajit Manocha, president and CEO of SEMI. "Tariffs on products threaten jobs, stifle innovation, curb growth, and compromise U.S. competitiveness."
With intellectual property critical to the semiconductor industry, SEMI strongly supports efforts to better protect valuable IP. SEMI believes, however, that U.S. tariff increases will ultimately do nothing to change China's trade practices. SEMI has long supported efforts to reduce and end trade tensions between the U.S. and China.
"While this is a first step, it is encouraging to see presidents Trump and Xi committed to working together," Manocha said. "We look forward to continued negotiations that produce an agreement that not only removes tariffs altogether, but also satisfactorily addresses bilateral economic concerns."
The semiconductor industry relies heavily on international trade. Since the tariffs have been in force, companies have faced higher costs, greater uncertainty, and difficulty selling products abroad.
Since action against China was announced in March, SEMI has engaged heavily with the Trump administration, submitting written comments and offering testimony on the importance of the free trade to the industry as well as the damaging effects of tariffs on Chinese goods. SEMI estimates that tariffs would have cost semiconductor companies more than $700 million annually.
Last month, SEMI issued "10 Principles for the Global Semiconductor Supply Chain in Modern Trade Agreements," calling for their adoption in existing and new trade deals, including frameworks for a U.S.-China agreement.
SEMI® connects over 2,000 member companies and 1.3 million professionals worldwide to advance the technology and business of electronics manufacturing. SEMI members are responsible for the innovations in materials, design, equipment, software, devices, and services that enable smarter, faster, more powerful, and more affordable electronic products. Electronic System Design Alliance (ESD Alliance), FlexTech, the Fab Owners Alliance (FOA) and the MEMS & Sensors Industry Group (MSIG) are SEMI Strategic Association Partners, defined communities within SEMI focused on specific technologies. Since 1970, SEMI has built connections that have helped its members prosper, create new markets, and address common industry challenges together. SEMI maintains offices in Bangalore, Berlin, Brussels, Grenoble, Hsinchu, Seoul, Shanghai, Silicon Valley (Milpitas, Calif.), Singapore, Tokyo, and Washington, D.C. For more information, visit www.semi.org and follow SEMI on LinkedIn and Twitter.
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