-1.5 C
New York
Friday, February 3, 2023

Chinese Spy Balloon Found Hovering Over Montana, Pentagon Confirms

The Pentagon has confirmed reports of a...

Police Confirm Fatal Shooting of Armed Man in Memphis Library

Authorities have confirmed that a man was...

Mbappé Misses Penalties, Injures in PSG Victory

Kylian Mbappe had a night to forget...

The United States plans to ban more than 30 Chinese corporations

BusinessThe United States plans to ban more than 30 Chinese corporations

Increased tensions between the world’s two economic heavyweights are likely to result from the Biden administration’s decision to include more than thirty Chinese firms on a trade blacklist that would bar those companies from purchasing specific components made in the United States.

According to information provided by a source with knowledge of the discussions, the United States Department of Commerce will add Yangtze Memory Technologies, the most prominent manufacturer of memory chips in China, as well as the other firms to the so-called Entity List as early as this week. When addressing a sensitive topic, the source requested that they not be identified.

Companies that are included on the Entity List are not permitted to purchase technology from suppliers in the United States unless they first get a special export licence from the Department of Commerce. Earlier, the inclusion of Huawei Technologies on the list destroyed its consumer smartphone business, and the incorporation of Semiconductor Manufacturing International Corporation made it more difficult for Huawei to achieve its goal of becoming China’s chipmaking champion.

China has issued scathing criticism of the US initiatives, alleging that the US administration is attempting to thwart China’s ascent to power.

On Wednesday (December 14), Wang Wenbin, a spokeswoman for the Chinese Ministry of Foreign Affairs, said that the United States had “politicised and weaponized economic cooperation.” He also said that actions taken by Washington caused disruptions in supply chains and that China will take measures to defend the interests of its enterprises.

However, it seemed that the Chinese government was working along with US officials to thwart the addition of Yangtze Memory and maybe other businesses to the Entity List. The Chinese Ministry of Commerce assisted local businesses in passing end-use inspections that were mandated by the US government. These checks included disclosures about goods and activities.

Check out our other content

Check out other tags:

Most Popular Articles