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Politics Trump administration adding Chinese chipmaker, oil and gas producer to blacklist: report

18:41  30 november  2020
18:41  30 november  2020 Source:   thehill.com

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Trump administration is poised to add China 's top chipmaker SMIC and national offshore oil and gas producer CNOOC to a blacklist of alleged Chinese military Reuters reported last week that the Trump administration is close to declaring that 89 Chinese aerospace and other companies have

The administration of US President Donald Trump is poised to add China ’s top chipmaker SMIC and national offshore oil and gas producer CNOOC to a blacklist of alleged Chinese military companies, the Reuters news agency reported based on a document and sources. The move would curb the

The Trump administration is reportedly preparing to add more Chinese businesses to its blacklist of companies it says have ties to the Chinese military.

a group of people performing on a counter: Trump administration adding Chinese chipmaker, oil and gas producer to blacklist: report © Getty Images Trump administration adding Chinese chipmaker, oil and gas producer to blacklist: report

According to documents obtained by Reuters, China's top chipmaker, SMIC, and national offshore oil and gas producer CNOOC will be added to the list for allegedly being controlled by China's military. China Construction Technology Co. Ltd. and China International Engineering Consulting Corp. will also be added to the list. This action will limit their access to U.S. investors.

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The Trump administration is poised to add chipmaker SMIC and offshore oil - and - gas explorer CNOOC to a list of firms blocked from American investment due to military ties, Reuters reported , in the latest U.S. swipe at Beijing before President-elect Joe Biden takes office.

The Trump administration is apparently planning to take another step against Chinese corporations. This time, the president is trying to add SMIC and CNOOC to his blacklist of alleged Chinese military companies. According to a Reuters report , documents and sources have emerged that claim Donald

SMIC said in a statement that its products were only meant for civilian and commercial use.

"The Company has no relationship with the Chinese military and does not manufacture for any military end-users or end-uses," said SMIC.


Video: Trump to blacklist more Chinese firms: sources (Reuters)

Both SMIC and CNOOC saw their share values drop once news broke of their possible targeting by the U.S. government.

Reuters noted in its report that SMIC heavily depends on equipment from U.S. suppliers. In September companies were informed by the U.S. Commerce Department that they would need to acquire a license before selling goods or services to SMIC due to "unacceptable risk" that they would be used for military purposes.

This is the most recent in a string of actions by the Trump administration that has escalated tensions with China. Trump has repeatedly made baseless claims that the coronavirus pandemic originated from a lab in China and has sought to pin the blame for the pandemic on the country.

Experts say the orders will likely make little impact due to their limited effect and the uncertainty of the upcoming administration under President-elect Joe Biden, who has indicated he will be more open to the international community. However, they say this move will still serve to widen the growing divide between China and the U.S.

Exclusive: Trump to add China's SMIC and CNOOC to defense blacklist - sources .
Exclusive: Trump to add China's SMIC and CNOOC to defense blacklist - sourcesWASHINGTON (Reuters) - The Trump administration is poised to add China's top chipmaker SMIC and national offshore oil and gas producer CNOOC to a blacklist of alleged Chinese military companies, according to a document and sources, curbing their access to U.S. investors and escalating tensions with Beijing weeks before President-elect Joe Biden takes office.

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This is interesting!