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China responds to US sanctions with new laws protecting businesses

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Posted: Monday, January 11, 2021. 1:14 pm CST.

By BBN Staff: The BBC reports that the Chinese government has responded to a series of sanctions imposed by United States President Donald Trump, by passing new laws to protect businesses affected by those sanctions.

Trump, who has only 9 days left before his successor, President-Elect Joe Biden is sworn in, recently signed an executive order which prompted the New York Stock Exchange (NYSE) to delist three Chinese telecom firms: removing China Mobile, China Telecom, and China Unicom Hong Kong,  over allegations of ties with the country’s military. Trumps sanctions follow another executive order which banned transactions with eight Chinese apps including popular payments platform Alipay, as well as WeChat Pay.

In response, China enacted legislation that allows for companies harmed by these sanctions to sue the companies that complied with them for the loss incurred.

In a statement issued over the weekend, China’s Ministry of Commerce said that the new law was geared towards “counteracting unjustified extra-territorial application” of foreign laws.  

Experts have told the BBC that there is a strong likelihood, Trump will sign more executive orders targeted towards China, before January 20, the set date for the transition of power in the US.

 

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