Trump Fuels Trade War with China
A few weeks before his departure, US President Donald Trump continues to fuel the dispute between the United States and China. The US government is blacklisting the largest Chinese chip company SMIC and the oil giant CNOOC on suspected Chinese military companies. The move is expected to further exacerbate tensions between the two countries.
In addition to SMIC and CNOOC, the US Department of Defense also includes China Construction Technology and China International Engineering Consulting on the list, which now includes 35 companies. From November 2021, US investors will no longer be allowed to buy securities from companies on this list. SMIC, which is heavily dependent on supplies from the USA, stated that it would strictly reject the decision. SMIC is the largest chip manufacturer in the People’s Republic, but does not come close to the market leader TSMC from Taiwan.
Fuels Trade War with China - /10