Trump Ratchets Up the Pressure on China’s Tech Industry

Donald Trump is working on tighter curbs on China’s chip industry and is pressing key US allies to escalate their restrictions. Japanese and Dutch officials are under pressure to restrict Tokyo Electron and ASML from maintaining semiconductor gear in China, according to people familiar with the matter. The aim, which was also a priority for Joe Biden, is for allies to match the curbs on American chip-gear companies, including Lam Research, KLA and Applied Materials.

The escalation in the tech industry adds to a wave of measures — including fresh scrutiny on foreign companies listed in the US — that have weighed on stocks across Asia. Still, Chinese technology shares such as Alibaba and JD.com whipsawed as some investors saw an opportunity to buy the dip and increase bets on the rally ignited by optimism over DeepSeek and Xi Jinping’s support for the industry.