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.