The Netherlands is stepping up its opposition to a proposed expansion of U.S. semiconductor export controls that could significantly affect ASML Holding’s ability to sell chipmaking equipment to China. Dutch Trade Minister Sjoerd Sjoerdsma recently traveled to Washington to meet with U.S. Commerce Secretary Howard Lutnick and lawmakers as Congress considers the MATCH Act, a bill aimed at tightening restrictions on Chinese access to advanced semiconductor technology.
Sjoerdsma described the visit as unusual, emphasizing that the Dutch government rarely intervenes directly in U.S. legislative debates. However, he noted that the potential impact of the proposed measures is substantial, prompting the Netherlands to voice its concerns at the highest levels.
At the center of the dispute is ASML, the Dutch semiconductor equipment giant and Europe’s most valuable technology company. ASML is the world’s only producer of extreme ultraviolet (EUV) lithography machines, which are essential for manufacturing the most advanced semiconductors used in artificial intelligence, electric vehicles, and defense technologies.
China remains an important market for ASML despite existing export restrictions. The country accounted for 19% of the company’s net system sales during the first quarter, although that figure declined from 36% in the previous quarter. The proposed MATCH Act could further restrict exports by extending controls to all of ASML’s immersion deep ultraviolet (DUV) machines, adding to existing bans on EUV systems and previous Dutch restrictions on certain DUV equipment.
The Dutch government argues that the legislation reaches beyond U.S. borders and could undermine the ability of allied nations to determine their own trade policies. While the Netherlands supports preventing sensitive technologies from reaching destinations that could threaten national security, officials believe such measures should be implemented through cooperation rather than unilateral pressure.
For investors, the dispute represents a critical development that could influence ASML’s future growth prospects in China. Dutch officials plan to continue discussions with U.S. lawmakers and policymakers in an effort to persuade Washington to reconsider the proposed legislation. The outcome of these negotiations could have significant implications for global semiconductor supply chains and the future relationship between allied nations on technology trade policy.
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