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In a potential escalation of his trade conflict with China, President Donald Trump is exploring sanctions on a vast array of software-powered exports to Beijing.
According to Reuters, the proposed plan would block global shipments of nearly any product containing or produced with U.S. software, affecting everything from laptops to jet engines.
This action would fulfill a threat Trump made on social media on Oct. 10. Trump promised new controls on “any and all critical software” by Nov. 1.
China placed controls on rare earth exports — crucial for powering everything from electric vehicles to defense systems.
Trump’s threat comes ahead of a meeting with Chinese President Xi Jinping in South Korea later this month.
Also Read: US Chip Stocks Tumble As Trade Tensions With China Heat Up
Tech stocks, including Microsoft Corporation (NASDAQ:MSFT) and Google parent Alphabet Inc (NASDAQ:GOOGL), remained in the green at last check Wednesday.
However, semiconductor and chip stocks — Nvidia Corporation (NASDAQ:NVDA), Broadcom Inc (NASDAQ:AVGO), Marvell Technology, Inc (NASDAQ:MRVL), Taiwan Semiconductor Manufacturing Company Ltd (NYSE:TSM), Advanced Micro Devices, Inc (NASDAQ:AMD) — all traded lower on Wednesday.
The semiconductor sector also got hit by Texas Instruments Inc’s (NYSE:TXN) dismal quarterly results. The company reported third-quarter revenue of $4.74 billion, up 14% year-over-year, above analyst estimates of $4.65 billion. The company reported third-quarter earnings of $1.48 per share, missing analyst estimates of $1.49 per share.
Texas Instruments expects fourth-quarter revenue of $4.22 billion to $4.58 billion versus estimates of $4.52 billion. The company expects third-quarter earnings of $1.13 to $1.39 per share versus estimates of $1.41 per share.
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Image: © Eric Seals / USA TODAY NETWORK via Imagn Images
