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This letter reports on the demonstration of a transceiver operating from 190 to 200 GHz. The system is assembled using splitblock waveguide integrated microwave assemblies, with MMICs realized using advanced InP HEMTs with sub-50 nm gate lengths. Across the band a receiver noise figure 6 dB and transmitter output power >20 dBm have been demonstrated. A table top link demonstrated successful QPSK and QAM modulation and demodulation using a 196 GHz carrier wave. Filtering was built into the system to ensure low in-band spurious response.