STMicro says US-China trade war slows its growth

PARIS: Franco-Italian chipmaker STMicroelectronics said the U.S.-China trade war and a near-embargo on Huawei, one of its biggest clients, would slow growth and affect profitability even if demand rebounds after a COVID-afflicted year.

STMicro’s chief executive said the group had to postpone its $12 billion annual sales target by a year to 2023, with a lower-than-expected operating margin in the range between 15% and 17%.