Global chip stocks fell sharply, with ASML, Nvidia and TSMC posting declines amid reports of tighter export restrictions from the U.S. and a ramp-up of geopolitical tensions fueled by comments from former U.S. President Donald Trump.

ASML’s Netherlands-listed shares were down 11%, while Tokyo Electron shares in Japan closed nearly 7.5% lower. Arm, AMD, Marvell, Qualcomm and Broadcom closed down more than 7%.

The moves came after Bloomberg on Wednesday reported that the Biden administration is considering a wide-sweeping rule to clamp down on companies exporting their critical chipmaking equipment to China.

Washington’s foreign direct product rule, or FDPR, allows the U.S. to put controls on foreign-made products even if they use the…