June 23, 2024

Biden expands blacklist with Chinese companies

Biden expands blacklist with Chinese companies

Joe Biden

The US President announced that more Chinese companies will be blacklisted.

(Photo: AP)

Washington US President Joe Biden is tightening the crackdown on Chinese companies allegedly linked to the Chinese military. Biden signed an order Thursday banning Americans from trading in the securities of 59 primary Chinese companies as of August 2.

The action builds on an order issued in November by Biden’s predecessor Donald Trump, as a result of which more than 40 companies with alleged military connections have been blacklisted. Biden’s order now also affects companies the United States accuses of using surveillance technology to contribute to human rights abuses.

The White House said the ruling “allows the United States to selectively and to some extent block U.S. investments in Chinese companies that undermine the security or democratic values ​​of the United States and our allies.”

This action is “in line with the Biden government’s commitment to protecting the central national security interests of the United States and democratic values.” The list will be updated as necessary. The Treasury is not responsible – as was the case with Trump’s regulation – the Ministry of Defense.

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Several companies now listed have already been affected by the previous ruling, including, for example, network and smartphone equipment provider Huawei or China’s third-largest state-owned oil company CNOOC.

Trump’s decision turned out to be weak. Chinese smartphone maker Xiaomi has taken a lawsuit in a Washington court to have it removed from the blacklist. Xiaomi is also not in the new list.

Republican Trump has exacerbated the trade conflict with China. His government has also taken action against several Chinese companies. After taking office in January, Democrat Biden announced a review of China policy.

More: Huawei is increasingly lagging behind in the global smartphone business. To make up for the slack, Huawei is advancing in entirely new business areas.

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