The Trump administration has implemented a host of measures to counter the Chinese Communist Party’s advance into the U.S. economy. It has sought to balance so many years of bad business by previous governments that acted to the detriment of U.S. interests. The recent measure to exclude from the stock market Chinese companies linked to its intelligence and military, provoked the anger of the Chinese Communist Party (CCP), and it launched some threats to try to intimidate the U.S. government—alas in vain.
After the exclusion of three major Chinese companies from the NYSE was confirmed because of their connections with the Chinese military, the CCP issued a threat on Saturday, Jan. 2, through an official statement warning the United States that “China will take the necessary countermeasures.”
On Thursday, the NYSE confirmed that it would remove China Telecom Corp. Ltd., China Mobile Ltd. and China Unicom Hong Kong Ltd. from the list, and that trading of the companies will be suspended sometime between Jan. 7 and Jan. 11.
The move follows an executive order signed by President Trump on Nov. 12 that prohibited Americans from investing in a group of Chinese companies that, according to the Commerce Department, supply and support the Chinese military.
President Trump’s order seeks to strengthen a 1999 law mandating that the Department of Defense compile a list of Chinese military companies, something that had never been done until the Trump administration. The Pentagon has finally named 35 companies so far, including oil company CNOOC Ltd. and China’s leading chip manufacturer, Semiconductor Manufacturing International Corp.
As reported by Fox News, the New York Stock Exchange initiated the delisting process for three listed Chinese telecommunications companies.
The CCP felt cornered by the decision and issued a threat against the United States in an official statement saying, “China is opposed to Americans abusing national security by listing Chinese companies as so-called Chinese Communist Military Companies and will take necessary countermeasures,” a spokesman for the Chinese Ministry of Commerce said.
The Chinese Communist Party (CCP), did not give more.
Under the Trump administration, the United States has managed to intensify economic sanctions and thus put a stop to the communist regime’s overpowering penetration of American society through its large corporations over the past decades.
Visa bans on government officials and Communist Party members were also added, especially in recent weeks when the United States announced plans to limit visas for all Chinese Communist Party members and their families to one month, instead of 10 years.
In parallel to President Trump’s executive order, Rep. Mike Gallagher (R-Wis.), introduced a new bill in the House a month ago that aims to prohibit U.S. capital from investing in Chinese companies on the so-called Department of Commerce’s List of Entities, a list of companies facing U.S. restrictions for various types of national security violations.
During an interview with Fox News, Gallagher said, “We have seen that the Communist Party of China is engaged in a relentless campaign to dominate critical technologies.” He added, “As we have seen time and again, the CCP exploits our open and fair system to dominate these technologies by using U.S. capital to finance its evil agenda.
This new proposed legislation, according to Gallagher, will work as a sort of extension of the executive order signed by President Trump, which was praised by the congressman.