US Sanctions on China: America's chip ban on China hit Taiwan hard


Posted on 24th Feb 2023 05:37 pm by rohit kumar

Taiwan has been hit hard by the US trade war against China. According to the latest released data, Taiwan's exports fell sharply in January. This decline was recorded by 19.3 percent as compared to January 2022. Before this, in December, there was a 23.2 percent decline in exports as compared to the year before.

 

According to experts, Taiwan has been most affected by the chip and semiconductor restrictions imposed by the US on China last October. Taiwan is the number one country in the world in the chip industry. Chip exports from Taiwan to China have declined sharply since October. According to a report published on the website Asia Times, after 2009, there had never been such a decline in the export of integrated circuit chips from Taiwan to China. After the US sanctions, orders received by Taiwanese companies from China and Hong Kong have declined by 45.9 percent.

 

The Asia Times report said that Japanese and South Korean companies have also been hurt by the US sanctions. This has derailed the economic reforms of Japanese Prime Minister Fumio Kishida. Due to this, there has been a huge decline in his popularity. Kishida supported the US sanctions imposed on China. That's why Nikon Corp, Tokyo Electron, and other Japanese tech companies have had to stop their chip business with China.

 

But the worst impact has been on Taiwan. In the last quarter of 2022, Taiwan's economy contracted by 0.86 percent. Taiwan's economy had not shrunk this much in any quarter since the 2008–09 global economic downturn. Taiwan's Ministry of Economic Affairs has said that there is currently no hope of increasing exports. The ministry has said in its statement- 'The risks of recession in the global economy remain, which may have an impact on the orders received for exports to Taiwan.'

 

According to Huang Yu-ling, head of the ministry's statistics department, a survey was conducted among 2,000 companies, of which 70 percent said they were unlikely to get more orders from China. On this basis, the ministry has estimated that compared to February 2022, Taiwan's exports may decline by 10 percent in this February.

 

HSBC Bank economist Frederick Neumann has said- 'Taiwan has a special role in the global tech supply chain, so the difficulties of the global electronic sector will have a special impact on Taiwan.'

 

On the other hand, there has been a huge decline in the orders received by South Korean tech companies. Due to this, companies like Samsung Electronics and SK Hynix have reduced their profit estimates. The Asia Times report said that China was the biggest market for South Korea's semiconductor industry. Because of that, this industry has been a major contributor to the economy of South Korea. But now the face has changed.

 

Also Read: Ajay Banga may be the first American Indian to head the World Bank, nominated by Biden

1 Like 0 Dislike
Previous news Next news
Other news

CAA Notification: How will they get citizenship under CAA, what will non-Muslim refugees have to do? Know special things

Citizenship Amendment Act: Four years after being passed by the Parliament, the law to grant citi

'Hardik Pandya for 20-25 balls..', the veterans got angry after Team India's defeat; Gambhir was also not spared.

England cricket team defeated India by 26 runs in the third T20 International match. In this matc

Sonakshi-Zaheer Wedding: Poonam Dhillon got Sonakshi - Zaheer's wedding card, but gave this warning to the groom

Bollywood actress Sonakshi Sinha and Zaheer Iqbal are making headlines these days for their marri

Qatar's love for India... Cooperation will be provided in many sectors including economy, energy, and gas; meeting with PM Modi tomorrow.

The central government, which is moving ahead to increase the share of gas in its economy from th

Oath Ceremony: Chandrababu Naidu will take oath as Chief Minister today; fourth term as CM, PM Modi will also be present

Today Chandrababu Naidu will take oath as the Chief Minister of Andhra Pradesh. On Tuesday, TDP a

CM KCR will distance himself from Modi's program in Telangana, and refused to receive PM even at the airport

PM Modi will be on a tour of Telangana and Tamil Nadu today. PM Modi will also inaugurate project

IT company Accenture is going to cut 19000 jobs, fear of recession

A piece of bad news has come for the employees working in the IT company Accenture. Accenture is

Weather Update Today: Snow-covered mountains from Uttarakhand to Kashmir, rain alert in Delhi; Read the weather conditions of other states

Weather Update Today: Cold and dense fog continues to wreak havoc in many states of North India.

'How can the Chief Justice be involved in the selection of the CBI Director', the Vice President raised a big question.

Vice President Jagdeep Dhankhar has made a big statement on the division of powers. He said that

Earthquake in Assam: Earth shook due to an earthquake in Guwahati, Assam, people came out of their homes

Earthquake tremors have been felt in Assam's Guwahati and other parts of the North Eastern region

Sign up to write
Sign up now if you have flare of writing..
Login   |   Register
Follow Us
Indyaspeak @ Facebook Indyaspeak @ Twitter Indyaspeak @ Pinterest RSS



Play Free Quiz and Win Cash