China warns Biden's new chip curbs will harm recovery

The US is seeking to ensure that Chinese companies don't transfer technology to the country's military and that chipmakers in China don't develop the capability to make advanced semiconductors themselves. The rules come at a difficult time for the chip industry, which is suffering a steep drop in demand for personal-computer and smartphone components. Shares of many of the world's biggest semiconductor makers tumbled on Friday following reports that the slump may be even worse than thought. The government's actions add another layer of uncertainty for investors already trying to work out how much demand for semiconductors might shrink. Companies…