Will the US Reconsider its Decision to Add More Chinese Companies to the Entity List?

Ahead of the upcoming meeting between the Presidents of US and China at the G20 summit, China remains hopeful that the US would cancel “inappropriate” actions against Chinese companies. These comments were made by the Chinese Vice Commerce Minister Wang Shouwen at a press conference on Monday.

On Friday, the US Commerce Department added five more Chinese technology companies to its Entity List, like it had done with Huawei previously. This trade blacklist prevents these companies from doing business with American companies without special approvals from the US government.

One of China’s leading supercomputer companies, Sugon, microchip designer companies Higon, Chengdu Haiguang Integrated Circuit and Chengdu Haiguang Microelectronics Technology and the Wuxi Jiangnan Institute of Computing Technology are the latest companies added to the US Entity List.

According to Wang, “The move will not disrupt planning for a Trump-Xi meeting directly, but Beijing will see it as further evidence that those around Trump intend to blunt China’s rise as a tech power.”

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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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