Outgoing Trump takes final swipes at China’s big companies

Outgoing Trump takes final swipes at China's big companies
2 Min Read

Daily US Times: Outgoing US President Donald Trump has taken a final swipe at China’s big companies, imposing more investment bans and sanctions in his last days of office.

Nine of China’s big companies have been added to the Pentagon’s blacklist of alleged ties to the Chinese military, including smartphone maker Xiaomi.

President Trump has ramped up action against a host of Chinese companies he believes are a security threat in recent months.

This week, China retaliated with a new law aimed at protecting its firms.

Over the last few months, President Donald Trump has targeted Chinese big technology companies he believes share personal data with its government with Huawei, TikTok and WeChat caught in the crossfire.

Trump administration’s latest round of restrictions announced on Thursday affect, among others, Xiaomi, which in November surpassed Apple to become the world’s third-biggest smartphone manufacturer, and China’s oil giant CNOOC.

The US Commerce Department accused CNOOC of threatening and harassing offshore gas and oil exploration and extraction in the South China Sea.

China’s state-owned CNOOC acted as “a bully for the People’s Liberation Army to intimidate China’s neighbours,” said Commerce Secretary Wilbur Ross.

Xiaomi shares trading in the United States dropped as much as 14% on Thursday, while in Hong Kong, the shares fell more than 11% on Friday.

Many believe this latest action is outgoing Mr Trump’s final swipe at China’s big companies before President-elect Joe Biden’s inauguration on 20 January.

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