The U.S. Commerce Department plans to revoke waivers granted to SK Hynix and Samsung that authorized them to move some goods to China without a license.

Washington

The U.S. Commerce Department has revoked waivers that allowed South Korean companies SK Hynix and Samsung to import chipmaking equipment into their facilities in China. These waivers, granted in 2023, enabled the companies to operate under a validated end user agreement, effectively giving them permission to maintain and upgrade their Chinese operations.

The decision is intended to prevent foreign chipmakers from expanding or upgrading technology at their Chinese facilities, a benefit not extended to American chip manufacturers. South Korean officials were reportedly warned in advance about the policy change. The move is part of broader U.S. efforts to limit China's access to advanced semiconductor technology and could impact global chip equipment suppliers and trade relations.

U.S. to pull SK Hynix and Samsung China waivers

Basically this is revoking waivers that they previously had what to bring in a chip equipment to the country. Break down exactly what this means. Yeah that's right. The companies have received waivers from the Biden administration back in 2023 allowing them under these agreements to bring in equipment to China for their massive chip making facilities. And most of what was produced their car were memory chips. And that's critical of course for S.K. Hynex and for Samsung. And in particular in this case now it's under what's called a validated end user agreement. And that essentially is sort of like your pass. It's almost like you get a free pass based on this agreement and understanding and discussions with the government. That is being revoked now. And the Commerce Department is saying in a statement a coming accompanying the notice that was posted to the Federal Register this morning that what they're trying to do is deny to foreign chip manufacturers a benefit that really wasn't extended to American chip manufacturers. You mentioned Intel there. We have since learned that Intel has sold that portion of its China operations to S.K. Hynex. It really applies only to the two South Korean companies in this case. What's interesting is in the statement as you've been surmising for us they said they do not want to allow companies to expand capacity or grade technology at manufacturing facilities in China. I'm noting that SML shares for example are down and they seem to accelerate their losses in the back of this news. A big chip equipment maker. All of this though is about the overarching competition that the U.S. feels with China. It is about the competition with China. And then there also is some push and pull on trade as well with other trading partners. And when you think about South Korea Carol the president of South Korea was just in Washington earlier this week to meet with Donald Trump. And the whole question about the trade agreement and where tariffs would fall just like with China. The questions about export controls and how semiconductor tariffs that are still to come might affect these two industrial champions in South Korea. When you think of Samsung and you think of S.K. Hynex they are really at the vanguard of the economy there. And that had to have come up in some context during those discussions with the administration U.S. administration. And we have heard since from the South Korean Ministry of Trade. They say that they were warned ahead of time according to Yonhap the news agency in South Korea. They were warned ahead of time by U.S. officials that this would be coming down the road. Now it's interesting if you parse the Commerce Department statement they say that they will not be granting licenses to advance technology in China or upgrade or expand capacity. But it doesn't necessarily preclude maintenance or replacing existing equipment without carrying it to a new level. So it'll be interesting to see how this affects as you mentioned SML but also Tokyo Electron and SML competitor in this space of of chip making equipment and the impact of course also on the broader trade relationship. Likewise will be worth watching as well. Carol.

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