Beijing Urges US to Cease Actions Against Chinese Tech Companies
Vice commerce minister of China Wang Shouwen has urged the U.S. to cease “inappropriate” actions against the country’s firms, as cited by CNBC Monday, June 25.
Wang Shouwen took part in a press conference dedicated to the upcoming trip of China’s President Xi Jinping. The President is set to visit the G-20 summit at the end of this week in Osaka, Japan.
China’s Vice Minister of Commerce suggested that the U.S. authorities should act under the principles of free trade and the spirit of the World Trade Organization (WTO) and cancel the measures taken against Huawei and other Chinese tech companies. He also claimed that relaxing the restrictions would be beneficial to both sides.
The U.S. Commerce Department blacklisted five Chinese companies on Friday, June 21. This action prevents the listed firms from purchasing supplies from American companies.
The move did not affect the scheduled meeting between the U.S. President Donald Trump and Xi Jinping at the G-20 Summit.
U.S. and Chinese stock indexes went up following the news of Xi Jinping and Donald Trump meeting at the Summit. Multiple analysts have expressed hope that the world’s two largest economies might reach an agreement and put an end to the ongoing trade war.
FURTHER READING: 2899 stock price