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China sets up blacklist to hit back in Huawei fight

China sets up blacklist to hit back in Huawei fight

China's Ministry of Commerce is preparing an "unreliable entities list", which will crack down on foreign companies that break the rules, it announced Friday.

We would have to wait for the exact details of the plan, since the spokesman of China's commerce ministry has yet to further comment on the details, and at what time the list will come to light. No specific companies were named, but the list will target firms that block or deny supplies to Chinese industries. That step has helped broaden the tariff war into a more general confrontation between China and the U.S., at a time when negotiations between the two sides have broken down.

China said this week the next move in resolving trade talks must come from the United States, as Trump said he's in no hurry to make a deal.

Google said it would continue to support existing Huawei smartphones, but future devices won't carry its flagship apps and services, including maps, Gmail and search - a change that will likely make Huawei phones less appealing. After the US announced an increase in tariffs on $200 billion a year of Chinese goods to 25% from 10% earlier this month, Beijing retaliated by raising levies on around $60 billion annually of USA imports, starting June 1. Trump and Chinese President Xi Jinping are expected to meet again at the end of June for the G-20 summit, though some analysts are pessimistic about a quick solution. The minerals aren't called rare for nothing, and China is the largest supplier with around 35% of the world's reserves and responsible for 70% of the mining done in 2018.

Woods shoots 70 as Moore takes clubhouse lead at Memorial
But most eyes were on Woods in his first competitive round since missing the cut at the PGA Championship two weeks ago. Tiger Woods returns to action for just the second time since his victory at April's Masters in Augusta, Ga.

China's blacklist threat "sends pressure to Washington as the ban (on Chinese companies) from the U.S. side goes wider", said James Yan, a Counterpoint Research analyst.

The Trump administration added Huawei to a trade blacklist, making restrictions that will make it extremely hard for the company to do business with US counterparts, earlier this month.

Trump has accused China of breaking a deal to settle their trade dispute by reneging on earlier commitments made during months of negotiations. Bloomberg reported on Friday that China has a plan to restrict exports of rare earths to the US if it needs to.


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