China Imposes Trade Restrictions on Dozens of US Companies
China announced new trade restrictions on Monday against dozens of US companies in response to the Pentagon's expanded sanctions list.
China's Ministry of Commerce on Monday added ten US defense companies to its export control list. Simultaneously, the Ministry of Finance barred 46 US companies from participating in government procurement.
Additionally, China imposed restrictions on two rare earth metal producers. These metals are crucial for the US high-tech, defense, and electronics industries. According to The Wall Street Journal, both US companies have increased production over the past year to reduce reliance on Chinese exports.
The Chinese Commerce Ministry stated that the measures are aimed at protecting national security and interests. Previously, the US published a list of Chinese companies that it believes support the country's military forces, including e-commerce giant Alibaba, search engine Baidu, and electric vehicle manufacturer BYD.
