News
gla_wpadmin  

Trade embargo: USA extends sanctions against Chinese tech companies

USA and China

The US sanctions list is now 190 pages long.

(Photo: AP)

Düsseldorf The US government wants to impose sanctions on 22 other Chinese companies. The Chinese Academy of Medical Military Sciences and eleven of its research institutes are also blacklisted. That goes out of one Department of Commerce document in the US Federal Gazette due for release on Friday. The US accuses the companies of supporting the modernization of the Chinese military or helping to undermine the Iran sanctions. US companies are no longer allowed to supply the affected companies and institutes.

The Bureau of Industry and Security (BIS), a sub-unit of the Ministry of Commerce, added numerous Chinese companies to the Entity List at the end of November. The names of Chinese companies now fill more than 190 pages. The best-known company on the black list is the controversial telecommunications equipment supplier Huawei.

According to media reports, the US Treasury Department is also planning to blacklist eight Chinese companies that are accused of participating in the surveillance and suppression of the Muslim Uyghur minority in Xinjiang. Among them are well-known companies such as the world’s leading drone manufacturer DJI and facial recognition specialist Megvii. However, there has not yet been any official confirmation of this. The companies mentioned are already on the Entity List of the US Department of Commerce and may only be supplied with a special permit from the agency.

In addition, the financial news agency Bloomberg had reported, citing informed persons, that the US government wants to tighten sanctions against China’s leading chip manufacturer Semiconductor Manufacturing International (SMIC). The decision should be made at a meeting of the National Security Council on Thursday (local time).
The U.S. Treasury Department blacklisted one of China’s leading AI companies, SenseTime, for investment in mid-December. SenseTime is accused of developing facial recognition programs that can determine the ethnicity of a target, with a particular focus on identifying ethnic Uyghurs. The company rejects the allegations.

Top jobs of the day

Find the best jobs now and
be notified by email.

In response to the sanctions, SenseTime temporarily suspended its planned IPO in Hong Kong. In the meantime, however, it has resumed preparations.

More: The real estate crisis and the threat of US sanctions weigh on China’s economy

Reference-www.handelsblatt.com

Leave A Comment