Continue reading this on our app for a better experience

Open in App
Home News US-China trade war

China says US sanctions of companies will impact supply chain

Bloomberg
Bloomberg • 2 min read
China says US sanctions of companies will impact supply chain
The US move is a unilateral action and is not supported by the United Nations, China's Ministry of Commerce said in a statement Saturday. Photo: Bloomberg
Font Resizer
Share to Whatsapp
Share to Facebook
Share to LinkedIn
Scroll to top
Follow us on Facebook and join our Telegram channel for the latest updates.

The US sanctions on Chinese companies will adversely affect the stability of the global supply chain, China’s Ministry of Commerce said in response to Washington’s decision to add 12 businesses from the Asian Nation to its export-control list.

The US move is a unilateral action and is not supported by the United Nations, the ministry said in a statement Saturday.

Chinese companies named on the US’s so-called Entity List, a de facto export blacklist that only allows US exports when Washington grants licenses, are mainly distributors of electronic components based in Shenzhen and Hong Kong. They were named because of allegations that they support Russia’s military and defence industries.

The US also added firms from Russia, Singapore, Spain, Syria, Turkey, the United Arab Emirates and Uzbekistan to its list this week.

The White House warned in February that dozens of companies from Russia, China and other countries will be placed on the Commerce Department’s Entity List for evading bans on military or technical supplies to nations including Russia.

In March, the US imposed sanctions on five Chinese companies, and one person, accused of supplying aerospace components to an Iranian maker of drones sold to Russia and used in attacks on oil tankers.

Highlights

New IHH Healthcare CEO Nair lays out growth plans
Company in the news

New IHH Healthcare CEO Nair lays out growth plans

Get the latest news updates in your mailbox
Never miss out on important financial news and get daily updates today
×
The Edge Singapore
Download The Edge Singapore App
Google playApple store play
Keep updated
Follow our social media
© 2024 The Edge Publishing Pte Ltd. All rights reserved.