Top chip designer takes a $5.5 billion hit from US security clampdown, curbing sales of its H20 AI chip to cloud giants in China

China produces some 90% of the world's rare earths and is the dominant supplier of the vital elements to users around the world

Computer chips made outside the US could face a tariff soon, according to the US President, while a security review will be undertaken on critical technology products from China

After averting the risk of a 100% tariff on its chip sales to the US, the world’s largest contract chipmaker now faces the threat of a $1 billion penalty from Washington

The US has imposed tariffs ranging from 10% to 49% on countries across Asia and the rest of the world – plus two uninhabited Australian islands near Antarctica. In Asia there are fears of a trade war and a recession

The orders for Nvidia's H20 chip - the most advanced semiconductor the group is permitted to sell to China – came in the first three months of this year, a report by The Information said

Japan and South Korea reject claim by a Chinese state media outlet that the three countries will issue a joint declaration after Trump's 'reciprocal tariffs' are announced on Wednesday

Trump’s declaration has fanned fears of a global trade war and a recession, causing big losses in equities in Japan, South Korea and Taiwan

Around 40 executives joined the 90-minute meeting, the majority from the pharmaceutical sector. Seven foreign companies were invited to speak

Analysts have, since last year, been cautioning on a slowdown in Chinese spending on chip equipment

Hanoi will reduce tariffs on LNG and cars from the US, and will allow satellite internet services by Elon Musk’s Starlink, it said today. It has also signed big energy deals with US firms

Popular support saw a share sale by the Chinese company ramped up and ended with the firm raising $5.5 billion, it said on Tuesday.