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

The trip is intended by Washington to be a major step toward what President Joe Biden has called a "thaw" in relations between the world's two largest economies

The US banking giant's pledge comes even as most foreign businesses have remained reluctant to commit to growing their China business amid increasing Sino-US tensions

Before travelling to China, US CEOs have particularly been seeking advice about how Beijing's expansion of its counter-espionage law could affect them

China hawks in Washington blame US investors for transferring capital and valuable know-how to Chinese tech companies that could help advance Beijing's military

Musk is expected to meet several senior Chinese officials and visit Tesla's Shanghai plant later in the week

The Nasdaq Golden Dragon China Index of New York-listed mainland companies, consisting mainly of internet giants such as Alibaba Group, Baidu.com and JD.com, lost 5.6% this month

China will also launch three astronauts to its now fully operational space station on Tuesday, one of whom will be its first ever civilian to go to space

Supply chain negotiations are one of four "pillars" of the IPEF, which is Biden administration's main economic initiative in Asia and aims to provide the region an alternative to closer ties with China

Commerce Secretary Gina Raimondo said the US "firmly opposes" the ban and that it is working closely with allies to address such "coercion"

South Korea is in the crosshairs of a tit-for-tat row between China and the United States over semiconductors