US President Donald Trump has dealt China yet another hard blow in the final days of his tenure. The US Department of Commerce blacklisted China’s state-owned oil company CNOOC on Thursday. Not only that, the United States has also removed this Chinese company from its S&P stock indexes. From now on, this company will not be able to do business in the United States under any circumstances.
America said – CNOOC worked for Chinese military
US Secretary of Commerce Wilbur Ross said after the ban that China’s reckless and provocative actions in the South China Sea continued. He’s trying to militarize the whole region. This will seriously shock China’s campaign to acquire sensitive intellectual property and technology from other countries. He also said the CNOOC was working for the People’s Liberation Army to intimidate China’s neighbors.
America has already banned many Chinese companies
In December, the United States blacklisted dozens of Chinese companies, including China’s largest chipmaker Semiconductor Manufacturing International Corporation (SMIC) and drone maker SZ DJI Technology. These companies will not be able to do business in the United States or use their property and bank balances.
Trump wants to hurt China deeply
Recently, Donald Trump has banned many Chinese companies. Most of them are companies that do business with the Chinese military. Trump, in the final days of his tenure, implemented aggressive diplomatic and trade policies against rival economic power, China. The US Department of Commerce has also said that China has used our advanced technologies to modernize its military and we cannot see that happening.
Major US crackdown on China, ban imposed on dozens of PLA companies
America said these companies threatened national security
The United States has banned these Chinese companies as a threat to national security. President Donald Trump recently made several major decisions against China. Due to which the possibility of increasing economic and military tensions in America and China has increased. The two countries are already at odds over cases like the South China Sea, Hong Kong, Taiwan and espionage.