{"id":2002846,"date":"2023-08-16T17:37:09","date_gmt":"2023-08-16T21:37:09","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/china-jabs-us-by-blocking-5-4-billion-chip-deal\/"},"modified":"2023-08-16T17:39:33","modified_gmt":"2023-08-16T21:39:33","slug":"china-jabs-us-by-blocking-5-4-billion-chip-deal","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/china-jabs-us-by-blocking-5-4-billion-chip-deal\/","title":{"rendered":"China blocks $5.4B chip deal, takes a jab at US."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fchina-jabs-us-by-blocking-5-4-billion-chip-deal%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2002846&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>China Jabs US by Blocking $5.4 Billion Chip Deal<\/h2>\n<p>A $5.<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/great-distraught-twitter-employees-too-in-shock-to-speak-following-musk-takeover\/\" title=\"Great: Distraught Twitter Employees \u201cToo In Shock to Speak\u201d Following Musk Takeover\">4 billion acquisition<\/a> of Israeli\u2062 chip \u200cmanufacturer by Intel \u2063has \u2062been called off after China failed\u2063 to sign \u200boff on \u200dthe\u200d <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/china-jabs-us-by-blocking-5-4-billion-chip-deal\/\" title=\"China blocks .4B chip deal, takes a jab at US.\">deal amid rising tensions<\/a> with the United States.<\/p>\n<p>It was a mutual decision between Intel and Tower Semiconductor, the companies said Wednesday.<\/p>\n<p>Intel said that the deal \u200bwas terminated \u201cdue to the inability to obtain in a timely manner\u200c the regulatory\u2062 approvals\u2064 required under the merger agreement.\u201d<\/p>\n<p>The <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/hunter-met-with-chinese-state-oil-exec-to-talk-highly-strategic-african-land-grab\/\" title=\"Hunter Met With Chinese State Oil Exec To Talk \u2018Highly Strategic\u2019 African Land Grab\">deal required approval<\/a> from a\u2062 number of <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-admin-divided-on-transgender-surgeries-for-minors-as-other-countries-pull-back\/\" title=\"Biden Admin Divided on Transgender Surgeries for Minors as Other Countries Pull Back\">regulators worldwide<\/a>, including those in <a href=\"https:\/\/www.westernjournal.com\/bidens-energy-secretary-quietly-consulted-china-days-heavily-criticized-move\/\" target=\"_blank\" rel=\"noopener\">China<\/a>.<\/p>\n<p>Chinese regulators failed to approve the deal by a deadline Wednesday, even after Intel CEO Patrick \u200cGelsinger traveled to China last month in a\u2062 bid to win them over.<\/p>\n<p>The scuttled deal between the two companies comes <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/blinken-confirms-us-received-information-on-israeli-claim-that-hamas-operated-out-of-destroyed-media-building\/\" title=\"Blinken Confirms US Received \u2018Information\u2019 On Israeli Claim That Hamas Operated Out Of Destroyed Media Building\">amid increasing<\/a> <a href=\"https:\/\/www.westernjournal.com\/new-era-dawning-joint-china-russia-warship-fleet-aggressively-approaches-alaska-coast\/\" target=\"_blank\" rel=\"noopener\">U.S.-China tensions<\/a>, particularly as the U.S. has\u2062 tightened export controls and imposed restrictions aimed at crippling China\u2019s ability to \u200cpurchase and manufacture advanced chips.<\/p>\n<p>In response, China\u2019s antitrust regulator,\u2063 the State Administration for Market Regulation, appears to have dragged its feet on approving mergers involving \u2062American companies, such as the Intel-Tower deal.<\/p>\n<p>Last\u2063 month, ahead of <a href=\"https:\/\/www.westernjournal.com\/ap-us-treasury-secretary-janet-yellen-makes-surprise-visit-ukraine-vows-continued-economic-support\/\" target=\"_blank\" rel=\"noopener\">Treasury \u2063Secretary Janet Yellen<\/a>\u2019s visit to Beijing, China\u2064 imposed export curbs on two metals used in computer chips and solar cells.<\/p>\n<p>Intel originally aimed\u2063 to close \u200dthe deal by the first quarter of the year, but later extended the deadline after it failed to receive approval from China.<\/p>\n<p>Intel hoped that its acquisition of Tower would expand its manufacturing capacity and open up growth opportunities for the firm\u2062 in U.S., Israel, Italy, and Japan.<\/p>\n<p>Intel Corp. will pay Tower a termination fee of $353 million, the U.S. semiconductor giant said.<\/p>\n<p>Tower\u2019s U.S. traded stock fell more than\u2062 9% at the opening bell\u200c and more than 10% in Tel \u2064Aviv.<\/p>\n<p>\u201cTower was\u2062 very excited to join \u2063Intel \u2064to enable Pat Gelsinger\u2019s vision for Intel\u2019s foundry business,\u201d said Russell Ellwanger, Tower Semiconductor\u2019s CEO in a written \u2064statement.<\/p>\n<p>\u201cWe appreciate the efforts by all parties.\u201d<\/p>\n<p style=\"font-style: italic\">The Western Journal has reviewed this \u2063Associated Press\u2062 story and may have altered it prior to \u2063publication to ensure that it meets our editorial standards.<\/p>\n<p>The post <a rel=\"nofollow\" href=\"https:\/\/www.westernjournal.com\/ap-china-jabs-us-blocking-5-4-billion-chip-deal\/\">China Jabs \u200cUS by Blocking $5.4 Billion Chip Deal<\/a> \u2063 appeared\u200b first\u2062 on <a rel=\"nofollow\" href=\"https:\/\/www.westernjournal.com\">The Western Journal<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Intel and Tower Semiconductor have mutually decided to cancel the $5.4 billion acquisition of an Israeli chip manufacturer. China&#8217;s failure to approve the deal, amidst escalating tensions with the US, led to its termination. Intel stated that the inability to obtain necessary approvals was the reason for the cancellation.<\/p>\n","protected":false},"author":136,"featured_media":2002847,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[548],"tags":[],"class_list":["post-2002846","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-conservative-news-daily"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2002846","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/136"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2002846"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2002846\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2002847"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2002846"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2002846"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2002846"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}