The US is trying to ease the global memory chip shortage through a supply chain coalition with allies in Asia, Europe, and the Middle East, Nikkei Asia reported Tuesday, citing Undersecretary of State for Economic Affairs Jacob Helberg.

The Pax Silica initiative, which was launched in December, aims to secure supply chains for semiconductors, artificial intelligence, and critical minerals, while reducing reliance on China, according to the report. Fourteen countries, including India, Japan, South Korea, Singapore, and the Philippines, have joined, with Norway expected to join this week, Nikkei Asia said.

The report added that President Donald Trump is expected to visit Beijing on May 14 to 15, and may discuss semiconductor and rare earth export controls with Chinese President Xi Jinping. "Regardless of the outcome of the meeting, initiatives such as Pax Silica that support supply chain de-risking from China will continue," Helberg was quoted as saying.

The US Department of State didn't immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 197.71, Change: -0.83, Percent Change: -0.42