Oh No Panican bros! China bends knee

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China appears to have quietly rolled back retaliatory tariffs of 125% on some semiconductors made in the US, according to details provided to CNN on Friday by three import agencies in the southern technology hub of Shenzhen, as Beijing tries to soften the blow of an ongoing trade war on its all-important tech industry. The exemptions apply to integrated circuits, also known as microchips or semiconductors, according to the agencies. They found out about the exemptions, which have not been officially announced, on Thursday.

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China has decided to grant exemptions on some aircraft parts, including engines and landing gear, according to an aviation executive. Semiconductors are an indispensable part of just about every electronic device. They are difficult to make because of the high cost of development and the level of knowledge required, meaning much of the production is concentrated among a handful of suppliers. Although China has made strides in developing its own semiconductor industry, it is still highly dependent on imports of chips and chipmaking equipment from the United States, Taiwan, South Korea, Japan and the Netherlands. Last year, China imported $11.7 billion worth of semiconductors from the US, according to customs data.

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