"I'm conducting a complete review over those policies...right now, Alan Estevez, Under Secretary of Commerce for Industry and Security, testified at a hearing of the Senate banking committee on Thursday. "And there's also an interagency process looking at this. So there is a redline on what we would allow the Chinese to access."

Estevez, whose bureau oversees restrictions on U.S. exports to countries like Russia and China, was talking about cutoff points for the most sensitive semiconductors and the tools to make them being allowed to be supplied to China.

The remarks came in response to a question from Sen. Steve Daine about current U.S. efforts to prevent China from enhancing its semiconductor production abilities by stealing American intellectual property.