US Blacklists Eight Chinese Tech Companies Amid Trade Tensions
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08 October 2019
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US Blacklists Eight Chinese Tech Companies Amid Trade Tensions
The Trump administration has added eight Chinese technology companies to the US blacklist, accusing them of involvement in human rights violations against Muslim minorities in China’s Xinjiang province. Two prominent companies, Hangzhou Hikvision Digital Technology Co. and Zhejiang Dahua Technology Co., which control nearly a third of the global video surveillance market, are among those targeted.
The move comes just as China’s Vice Premier Liu He is set to arrive in Washington for high-stakes trade talks, raising concerns about the timing. President Donald Trump has warned that any negative actions by China to suppress protests in Hong Kong could derail the trade negotiations.
Market Response
The latest developments dampened market optimism, leading to a downturn on Wall Street. As the prospect of a swift trade war resolution faded, the markets closed lower:
Dow Jones: Down 313 points (-1.2%)
S&P 500: Down 46 points (-1.6%)
Nasdaq: Down 133 points (-1.7%)
Investors are also bracing for potential Chinese retaliation and closely watching the trade talks scheduled for Thursday in Washington. Meanwhile, US producer prices saw their largest decline in eight months, raising expectations for further monetary easing.
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