EU launches sweeping power grab over chip supplies, targets Chinese imports amid tech war with U.S. and China The EU is preparing emergency powers under a draft Chips Act to seize control of chip supplies, impose fines on companies and override contracts during shortages. The bloc produces less than 10% of global semiconductors and remains dependent on Taiwan and Asia for advanced chips, raising fears of conflict-driven shortages. EU commissioners will meet to discuss new restrictions on Chinese imports amid a China Shock 2.0, with products up to 40% cheaper than local alternatives. The EU faces criticism from tech companies…
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