The statement also called for both the US and Chinese governments to “ease tensions and seek solutions through dialogue, not further escalation.”
SIA’s statement comes just after speculation that the Biden administration is considering tightening export restrictions that were issued last October to overtake China’s semiconductor industry.
According to research analyst, GlobalData, North America had a 30% share of global AI revenues in 2022, and the Asia-Pacific region was not far behind with a 33% share.
However, given the diverging regulatory posture around data privacy and the use of AI between regions, GlobalData estimates Western Europe will lose market share to Asia Pacific in the short to medium term.
SIA’s statement follows recent promises made by the US Treasury Secretary, Janet Yellen, on a state visit to Beijing. During a press conference on the last day of the visit (July 8), Yellen promised an open dialogue towards “responsible” trade competition between the US and China.
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There has been some doubt cast over the promise of diplomatic communication, so rising pressure from lobby groups against tighter restrictions might sway the Biden administration against stricter regulation.