US pushes ahead with new rules for Chinese firms

US pushes ahead with new rules for Chinese firms
  • Clock-gray 13:51
  • calendar-gray 03 December 2020

The US House of Representatives has passed a law to kick Chinese companies off US stock exchanges if they do not comply with its auditing rules, APA reports citing BBC.

The act would also require companies to disclose whether they are owned or controlled by a foreign government. The Holding Foreign Companies Accountable Act still needs the US president’s approval. The move coincides with a wider push to ramp up pressure on China in the final months of the Trump presidency.

 

In addition to the act, the US government on Wednesday moved to ban cotton imports from a company it says uses the forced labour of detained Uighur Muslims.

The US also took action against Chinese-manufactured twist ties last week, taking the rare step of imposing tariffs to counter the effects of what the US claims is Chinese currency manipulation.

China too has increased pressure, introducing export control laws earlier this week.

This was widely seen as a response to US export controls on microchips that many Chinese tech companies rely on.

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