Intensifying chip wars
Published date | 26 February 2023 |
Publication title | The Korea Times |
Many pundits compare the ongoing U.S.-China competition for global hegemony to a new Cold War. Because of its geopolitical uniqueness, Korea is one of the countries that most directly feels the heat of the G2 rivalry. And nowhere is this more visible than in the intensifying war of nerves over the semiconductor industry.
Two latest media reports indicate the U.S.-China chip bout has entered the second round.
Last Thursday, the New York Times reported that U.S. and foreign semiconductor companies had set off a lobbying frenzy for a larger slice of the pie from Washington's $39 billion (51 trillion won) subsidy for chip manufacturers. Two Korean makers with a heavy presence in America ? Samsung Electronics and SK Hynix ? will also go all out to be included in the list of beneficiaries.
However, as a Korean newspaper described it, the cash will likely be a "poisoned carrot." The U.S. government will dole out the funds on the condition that recipients restrict their investments in China for a decade.
On the same day, Alan Estevez, undersecretary of commerce for industry and security, said the U.S. government would limit the level of computer chips produced by Korean companies in China.
If the official's words become a reality, it will deal a critical blow to Korea's semiconductor exports to China. Semiconductors account for 20 percent of Korea's total exports and China buys 40 percent of Korean-made chips. Since semiconductors need continuous upgrading, a "cap on the levels that they can grow to in China" could be a death knell for shipments to China. Another Korean daily said Korean chipmakers may have to "withdraw from China" in the worst-case scenario.
That must never happen, however.
It also explains why Korea has been equivocal in joining the Chip-4 alliance alongside the U.S., Taiwan, and Japan against China. Unlike the three other countries with distinct security and economic priorities, Korea has complicated geo-economic concerns. So do most private companies underneath their governments' ostensible commitments. Henceforth, the complex uniting and splitting between businesses of even competing countries. For instance, Ford Motor recently drew Washington's ire by announcing a partnership with China's CATL for a car...
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