• Investing
  • Stock
  • Editor’s Pick
  • Economy
The Significant Deals
Stock

Biden administration announces new Chinese chips probe, Semiconductor stocks gain

by December 24, 2024
written by December 24, 2024

Investing.com — U.S. semiconductor stocks mostly edged higher in premarket trading on Tuesday after the Biden administration launched a new trade investigation into Chinese-made legacy semiconductors. 

The probe, initiated under Section 301 of the Trade Act of 1974, could lead to additional tariffs on older Chinese chips that are used in everyday products such as automobiles, washing machines, and telecom gear.

Semiconductor companies like Broadcom (NASDAQ:AVGO), AMD (NASDAQ:AMD), and Marvell (NASDAQ:MRVL) Technology saw gains of around 1.8%, 1.8%, and 0.4%, respectively. Meanwhile, ETFs tracking the sector, including the SOXX and SMH, rose by 0.3% and 0.2%. Micron (NASDAQ:MU) also posted a modest gain of 0.1%, while Nvidia (NASDAQ:NVDA) and Taiwan Semiconductor saw slight declines of 0.3% and 0.8%.

The investigation is aimed at protecting U.S. semiconductor producers from China’s state-driven expansion of its chip industry, which has enabled Chinese companies to offer chips at artificially lower prices. 

U.S. Trade Representative Katherine Tai stated that the probe would help safeguard U.S. market competition and ensure that China does not dominate the global semiconductor market.

While the investigation will be completed under President-elect Donald Trump’s administration, the Biden administration’s decision to move forward now could result in new tariffs on Chinese semiconductors. 

These tariffs would add to the 50% tariff on Chinese chips scheduled to take effect on January 1.

Reuters reported that China’s commerce ministry said the probe raises concerns about potential disruptions to global chip supply chains.

This post appeared first on investing.com
0 comment
0
FacebookTwitterPinterestEmail

previous post
Post election run leaves S&P 500 vulnerable: Wells Fargo
next post
Honda and Nissan officially begin merger talks to create world’s third-largest automaker

You may also like

BASF results down on impairments, restructuring

January 27, 2025

European chipmakers slump as traders gauge DeepSeek AI...

January 27, 2025

Nasdaq futures tumble as China’s AI push rattles...

January 27, 2025

China Vanke’s CEO, chairman resign amid growing liquidity...

January 27, 2025

Fuji Media, rocked by sexual misconduct allegations, says...

January 27, 2025

Italy’s MPS shares fall ahead of Mediobanca board...

January 27, 2025

British Land stock drops following stake sale

January 27, 2025

UMG shares rally after new multi-year pact with...

January 27, 2025

BASF shares indicated 3% lower as impairments drag...

January 27, 2025

Ryanair cuts 2026 traffic forecast amid ongoing Boeing...

January 27, 2025
Fill Out & Get More Relevant News








    Stay ahead of the market and unlock exclusive trading insights & timely news. We value your privacy - your information is secure, and you can unsubscribe anytime. Gain an edge with hand-picked trading opportunities, stay informed with market-moving updates, and learn from expert tips & strategies.

    Recent Posts

    • Divided Fed proposes rule to ease capital requirements for big Wall Street banks

      June 26, 2025
    • Women’s Tennis Association extends media rights deal with Tennis Channel through 2032

      June 26, 2025
    • Bumble shares jump 26% as dating company plans to axe 30% of workforce

      June 26, 2025
    • Small-business AI use is lagging, but one firm is channeling Sherlock Holmes and knocking out ‘grunt work’

      June 25, 2025

    Categories

    • Economy (245)
    • Editor's Pick (3,646)
    • Investing (534)
    • Stock (6,426)

    Latest News

    • Divided Fed proposes rule to ease capital requirements for big Wall Street banks
    • Women’s Tennis Association extends media rights deal with Tennis Channel through 2032

    Popular News

    • BCA on why Trump’s immigration policies may not mean a tighter jobs market
    • Pakistan central bank cuts key rate by 200 bps, fifth in a row

    About The Significant deals

    • Privacy Policy
    • Terms & Conditions

    Copyright © 2025 thesignificantdeals.com | All Rights Reserved

    The Significant Deals
    • Investing
    • Stock
    • Editor’s Pick
    • Economy