US blacklists Xiaomi and other Chinese companies

A few days before the end of US President Donald Trump’s term in office, the United States has imposed further restrictions on Chinese companies. Among others, the Chinese smartphone manufacturer Xiaomi was blacklisted by the US Department of Defence on Thursday for alleged military ties. The company’s shares subsequently plummeted by more than 10 per cent on the Hong Kong stock exchange. Suppliers’ share prices were also affected. China condemned Washington’s move on Friday. “The Chinese side will take necessary measures to protect the interests of Chinese enterprises,” a Beijing Foreign Mini…

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