US President Joe Biden on Thursday signed legislation to prevent companies that are deemed security threats from receiving new equipment licences from US regulators.
US President Joe Biden’s nominee for commerce secretary, Gina Raimondo, said she knows of “no reason” why Huawei Technologies and other Chinese companies shouldn’t remain on a restricted trade list.
The Trump administration is poised to add China’s top chip maker, SMIC, to a blacklist of alleged Chinese military companies, escalating tensions with Beijing weeks before President-elect Joe Biden takes office.
The Trump administration plans to finalise regulations this week that will bar the US government from buying goods or services from any company that uses products from five Chinese companies including Huawei.
The Trump administration has determined that top Chinese firms, including Huawei and Hikvision, are owned or controlled by the Chinese military, laying the groundwork for new financial sanctions.
Hikvision’s shares fell by the most in more than a month after China’s securities regulator opened a probe into alleged misconduct by its billionaire vice chairman.
Hikvision warned it may lose customers in overseas markets because of its US blacklisting, underscoring the extent to which curbs on the sale of American technology may hurt the world’s largest video surveillance business.
The Donald Trump administration placed eight Chinese technology giants on a US blacklist on Monday, accusing them of being implicated in human rights violations.
Hikvision plunged as much as the daily limit after the New York Times said the Trump administration was considering curtailing the flow of American technology to China’s top maker of video surveillance gear.