Risk Slides As China Warns “Stay Tuned” For Retaliation Over Tech Blacklist

Risk Slides As China Warns “Stay Tuned” For Retaliation Over Tech Blacklist from ZeroHedge

Global stock index futures quickly faded overnight as China said it would retaliate after the Trump administration expanded its trade blacklist to 20 Chinese public security bureaus and eight of the country’s top technology firms over alleged human rights violations against Muslim minorities, reported Bloomberg.

  • 08-Oct-2019 03:59:02 AM – CHINA FOREIGN MINISTRY, ASKED ABOUT U.S. BLACKLISTING OF CHINESE FIRMS, SAYS U.S. SHOULD CORRECT WRONG WAYS AND STOP INTERFERING IN CHINA’S AFFAIRS
  • 08-Oct-2019 03:59:44 AM – CHINA FOREIGN MINISTRY, ASKED ABOUT U.S. BLACKLISTING OF CHINESE FIRMS, SAYS CHINA WILL CONTINUE TO TAKE FIRM AND RESOLUTE MEASURES TO PROTECT ITS SOVEREIGN SECURITY

China foreign ministry spokesman Geng Shuang told reporters “stay tuned” for retaliation strikes against the US. Shuang said Beijing would defend and “safeguard its interests,” he also dismissed the accusations that China abuses Muslim minorities in Xinjiang, an autonomous territory in the northwest part of the country.

President Trump’s expansion of the blacklist includes video surveillance firm Hikvision, as well as top artificial intelligence and facial recognition technology firms SenseTime Group Ltd and Megvii Technology Ltd.

The move by the Trump administration is a complete shock and could derail trade talks later this week.

Blacklisting Chinese firms is a weapon used by the Trump administration to cripple China’s technology sector. These firms now need US government approval to purchase components sold by US companies — the move could be devastating for these firms because their licenses to buy would likely be denied.

The Trump administration said blacklisting Chinese tech firms on Monday night had nothing to do with trade talks later in the week with China.

Other companies added to the blacklist include Flytek Co, Zhejiang Dahua Technology, Xiamen Meiya Pico Information Co, and Yixin Science and Technology Co.

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Rory Hall, The Daily Coin. Beginning in 1987 Rory has written over 1,000 articles and produced more than 300 videos on topics ranging from the precious metals market, economic and monetary policies, preparedness as well as geopolitical events. His articles have been published by Zerohedge, SHTFPlan, Sprott Money, GoldSilver, Silver Doctors, SGTReport, and a great many more. Rory was a producer and daily contributor at SGTReport between 2012 and 2014. He has interviewed experts such as Dr. Paul Craig Roberts, Dr. Marc Faber, Eric Sprott, Gerald Celente and Peter Schiff, to name but a few. Don't forget to visit The Daily Coin and Shadow of Truth YouTube channels to enjoy original videos and some of the best economic, precious metals, geopolitical and preparedness news from around the world.