The Nexperia affair once again exposes how Europe is wedged between two geopolitical giants.
The crisis at Nexperia was foretold. In a note from the Rhodium Group, published on 31 March 2025, the research firm wrote that “the US now wants to push the Hague to finish the job on the Nexperia clawback,” where the term “clawback” refers to Washington’s deployment of “various policy instruments to make it untenable for a strategic asset to remain under Chinese ownership on national security grounds.” The report ends as follows: “This clawback story appears to be approaching its climax.”
Recently published court documents prove the Rhodium Group right. Essentially, Nexperia’s Chinese owner and CEO, “Wing” Zhang Xuezheng, would have to relinquish control for the company to escape American export controls. Only upon his exit would the US consider designating Nexperia as a Dutch entity.
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