The move will allow the chipmakers, which include Samsung, SK Hynix and TSMC, to continue to import US chipmaking tools to China for use in their existing fabs in the country

South Korean president Yoon Suk Yeol vowed to support the South Korean chip sector in the face of heightened tensions between China and the United States

South Korea's President Yoon Suk Yeol was speaking on a US visit that has seen Seoul secure another $5.9 billion in US investment

The announcements follow new US sourcing requirements for EV battery components and critical minerals in order for car buyers to qualify for up to $7,500 in credits

The South Korean government and battery producers LG Energy Solution, Samsung and SK On will together invest in the next generation of power cells

The battery-maker aims to produce LFP batteries that can be made at lower cost, but deliver less range than comparable nickel-cobalt electric vehicle batteries