On Wednesday, Secretary of State Mike Pompeo announced the US will be introducing visa restrictions on Chinese tech companies, further souring the already strained relations between the two countries.
Certain employees of technology firms such as Huawei have been slapped with visa restrictions, after Pompeo accused the Chinese company of supporting its communist government that allegedly commits human rights violations. Despite the obvious hypocrisy, given that the US itself was nearly investigated by the UN’s Human Rights Council over alleged systemic racism and discrimination against black people, the newly-imposed visa restrictions are most likely going to create further tensions on the global stage.
Earlier, British Prime Minister Boris Johnson also took aim Huawei, stating that the Chinese tech company’s equipment will no longer be operating on the UK’s 5G network by the end of 2027. Then in the meantime, the Trump administration announced it will be imposing sanctions on China in retaliation for Hong Kong’s new national security law, and has stripped the autonomous city of its preferential treatment. On Wednesday, China’s foreign ministry said it will issue sanctions of its own against US officials in retaliation, but stopped short of stating it is in direct response to Trump’s executive order.
Information for this briefing was found via CNBC. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
