China to compile hit list of ‘unreliable’ foreign entities in trade war

China to compile hit list of ‘unreliable’ foreign entities in trade war

China to compile hit list of ‘unreliable’ foreign entities in trade war

China is launching an investigation into FedEx for the wrongful delivery of packages, the state-run Xinhua News Agency reported on Saturday, a day after it was reported the country is making a list of "unreliable" entities that harm the interests of domestic companies.

The U.S. package delivery company recently did not deliver to the right addressees and addresses in China, Xinhua, which did not give details, said.

That prompted Beijing to hit back with additional levies on the majority of US imports on a $60 billion target list.

The Ministry of Commerce said it would blacklist foreign companies or individuals that violated contracts or market rules or took "discriminatory measures" to hurt Chinese firms, the South China Morning Post reported.

The Chinese tech giant has since received several punches from U.S firms, and while many had expected its stockpiled inventory to sustain its smartphone and 5G networking equipment businesses for most of the rest of the year, a new report from industry source says the sanction is already having a great effect on the Chinese giant.

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On Saturday, Chinese retaliatory tariffs on the US goods kicked in, after the Trump administration raised tariffs on Chinese goods worth $200 billion to 25 percent, from 10 percent.

The countries have exchanged tariffs on US$360 billion in two-way trade so far.

So far, China hasn't announced which companies and/or individuals will be on the list, and has said that specific measures will be announced in the near future.

The Commerce Ministry is going through relevant procedures, and will release the first batch of blacklisted entities soon, according to state-media China Central Television. Considering this is a retaliatory move, it may mean that blacklisted companies will not be allowed to operate in China.

Washington and Beijing resumed their trade battle last month when talks in the USA ended without a deal, with U.S. negotiators accusing Chinese negotiators of reneging on previous commitments.

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