December 5, 2022

Raven Tribune

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Trade war with China: US expands block list

Status: 04.06.2021 03:43 am

The United States is targeting other Chinese companies. As of August, the U.S. will ban trading shares in 59 companies believed to be cooperating with China’s surveillance apparatus. The leadership in Beijing responded angrily.

US President Joe Biden is tightening his grip on Chinese companies allegedly linked to the Chinese military. On August 2, Biden signed an order banning Americans from trading in the securities of the initial 59 Chinese companies.

The move comes on the heels of an order issued by Biden’s predecessor Donald Trump in November, which has resulted in more than 40 companies with military links being blacklisted. Biden’s order now also affects companies that the United States has accused of using surveillance technology to contribute to human rights abuses.

“Undermining security”

Prior to the announcement, the Chinese government opposed the plans. Foreign Office spokesman Wang Wenpin said the United States was ignoring the facts and “must correct its mistakes and stop harming the financial markets and the interests of investors.”

The White House said the order “allows the United States to select and to a certain extent restrict US investment in Chinese companies that undermine the security or democratic values ​​of the United States and our allies.”

The move is in line with the Biden government’s commitment to safeguarding US national security interests and democratic values. The list will be updated as needed. Like Trump’s control – the Ministry of Defense – the Ministry of Finance is no longer responsible.

Hawaii continues to suffer

Many of the companies now listed are already affected by the previous ruling, for example, network equipment and smartphone suppliers Huawei, China Mobile, China Telecom, video surveillance firm Higvision and China’s third-largest state-owned oil company CNOC.

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Trump’s decision turned out to be vulnerable. Chinese smartphone vendor Xiaomi has been removed from the blacklist before a court in Washington. Siomi is not on the new list either. Republican Trump had escalated the trade conflict with China. His government took action against various Chinese companies.