US imposes sanctions on more Chinese companies | Macro Markets

(AWP) The United States is expanding its sanctions against China. President Joe Biden blacklisted 59 Chinese companies with links to defense and surveillance technology on Thursday that his predecessor Donald Trump had already set up. From August 2, US investors will not be able to trade in the securities of these companies. Chinese investors were not late at first. Most of the listed stocks, including those newly added to the list, posted gains on Friday. The Chinese Foreign Ministry denounced the US approach. A State Department spokesman asked the United States to withdraw the list.

According to the US government, the sanctions target companies that are supposed to engage in technologies that contribute to the suppression of people or facilitate serious human rights abuses. The Ministry of Finance will update the new list at certain intervals.

It replaces an earlier list by the Department of Defense, which mainly included companies associated with the military. A similar decree by President Trump turned out to be legally weak: Chinese smartphone provider Xiaomi implemented the deletion in a Washington courthouse in May. The new listing no longer includes Xiamoi.

Other Chinese companies from the previous list can also be found in the updated list, including Chinese smartphone manufacturer and network equipment provider Huawei, and mobile operators such as China Mobile (CLN 27.51 + 5.4%) Communications group or aircraft manufacturer Avic.