NEW YORK, Oct. 11 -- Businesses across the global semiconductor supply chain are bracing for major disruptions after China imposed strict new export curbs on rare-earth minerals, prompting President Donald Trump to announce retaliatory tariffs and new export controls.

The impact on the industry was immediate, with the restrictions threatening to cause weeks-long shipment delays for key players like ASML Holding NV, the world's only manufacturer of the most advanced chipmaking machines, Bloomberg reported.

Other US chip companies are scrambling, with senior managers expressing concern over rising prices for essential components and rushing to identify which of their products are now subject to China's new licensing requirements.

China's...