U.S. Targets Xiaomi, Cnooc in Trump’s Late Anti-China Push
- Deepwater explorer blacklisted over actions in South China Sea
- Restrictions don’t affect joint ventures with Western firms
WATCH: Secretary Ross explains the department’s moves against Cnooc and Skyrizon
(Source: Bloomberg)
The Trump administration blacklisted Chinese smartphone manufacturer Xiaomi Corp. for alleged military links along with the country’s third-biggest oil company over its drilling in the South China Sea, part of a final push to ratchet up pressure on Beijing before President-elect Joe Biden takes office.
Xiaomi was one of nine firms added to the Defense Department’s list of Chinese military companies, a move that will restrict U.S. investments in its securities. Other firms include state-owned planemaker Commercial Aircraft Corp. of China Ltd., or Comac, which is central to China’s goal of creating a narrow-body plane that can compete with Boeing Co. and Airbus SE.