The US and the EU have agreed to extend their partnership for three years to address issues in the semiconductor sector, particularly concerning legacy chips from China, Reuters reported on Friday. The two sides issued a 12-page joint statement on the meeting’s outcomes, which outlined plans for the US and the EU to exchange market intelligence on China’s “non-market” policies and consult on planned actions to address related issues in the global supply chain. During a press conference, US Commerce Secretary Gina Raimondo stated that China currently produces around 60% of legacy chips used in automobiles, household appliances, and medical devices. [Reuters]
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