Biden closes 59 Chinese companies over Trump Trump law reform Commercial Warfare

U.S. President Joe Biden’s role in the Trump administration has been heavily monitored by Wall Street and Capitol Hill, while lawmakers from both parties have called on China to be firm in the fight against trade and human rights.

President Joe Biden has signed Thursday a law banning US money restitution from existing Chinese companies, naming 59 companies that have allies with Chinese troops or management companies, including Huawei Technologies Co and three major companies. on phones.

The new currency ban will take effect on August 2 at 12:01 a.m. in New York, according to government officials who told reporters not to be identified. Advertisers will have one year to come out completely.

Biden’s law in particular is a continuation of the principles that former President Donald Trump has challenged in court and disrupted women’s access to closed businesses. Biden’s views on Trump’s policies have been heavily influenced by Wall Street and Capitol Hill, with lawmakers from both parties calling for China’s resilience in dealing with a wide range of issues ranging from trade to human rights.

Many companies controlled by Biden were already on Trump’s list of executives, including the largest telephones in the country: China Mobile Communications Group Co., China Unicom Ltd. and China Telecommunications Corp.

Among the security companies on Biden’s list are Aviation Industry Corp. of China, Ltd., which is one of the best known among the Chinese military giants; China North Industries Group Corp .; China Aerospace Science and Industry Corporation Ltd .; and China Shipbuilding Industry Co.

Biden’s list also includes Hangzhou Hikvision Digital Technology Co., a digital camera manufacturer and face recognition technology that has helped Chinese authorities establish security measures in the “safe city” in Xinjiang, where ethnic Uyghurs have been persecuted.

Companies listed in Biden that were not mentioned in Trump’s initial ban include Zhonghang Electronic Measuring Instruments Co and Jiangxi Hongdu Aviation Industry Co.

Some of them are: Proven Honor Capital Ltd .; Certified Glory Capital Ltd .; Shaanxi Zhongtian Rocket Technology Co .; In the heart of Mongolia First Machinery Group Co .; Changsha Jingjia Microelectronics Co. .; China Avionics Systems Company Ltd .; China Satellite Communications Co .; China from Costar Group Co .; Fujian Torch Electron Technology Co .; and Guizhou Space Appliance Co.

The Treasury Department issued a directive on penalties Thursday. Treasury will change the list differently, said one official.

Under Biden’s law, the ban will also apply to small corporate organizations once they have been approved by the Office of Foreign Assets Control. The law stipulates that this will no longer apply to companies whose names match those listed, say Biden officials.

The OFAC list will be compiled by the State and Defense department. The Pentagon, which is required by Congress to keep a list of companies linked to the Chinese military, is expected to release the names of other companies on Thursday. Other companies will be listed by the Pentagon and OFAC, officials said.

The change in Trump’s policy comes after two Chinese companies filed a lawsuit in a U.S. court. The Biden team said the review was necessary to ensure that it was legal and stable at present.