US will blacklist more Chinese companies

(MENAFN) According to Bloomberg on Tuesday, the administration of United States President Joe Biden intends to put major chipmaker Yangtze Memory Technologies (YMTC) and more than 30 other Chinese companies on a trade blacklist that would bar them from purchasing specific American components.

Based on the sources who spoke with the publication, the United States Department of Commerce is going to include the companies on a "Entity List" as soon as the current week.

Companies on this list, according to the report, are prohibited from purchasing technology from United States vendors unless they have a specific export authorization. Similar limitations have previously been imposed by Washington on other organizations, including the Chinese electronics firm Huawei, due to dangers to the country's security.

Beijing retaliated by denouncing Washington's moves and accusing them of upsetting supply networks. Chinese Foreign Ministry spokesperson Wang Wenbin told reporters on Wednesday that the United States had "politicized and weaponized economic cooperation" and pledged to take action to defend the rights of the impacted enterprises.

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