Sun. Mar 7th, 2021
A new cold war: Trump, Xi and the escalating US-China confrontation |  Financial Times
(Photo Courtesy: http://www.ft.com)

In a strong show of American patriotism, US President Donald Trump on Friday signed into law a legislation that could expel or kick out Chinese companies out of the US stock exchanges if they fail to adhere to American auditing standards, the White House said.

According to the White House, “The Holding Foreign Companies Accountable Act” bars the stocks or securities of foreign companies from being listed on any US exchange for failing to comply with the US Public Accounting Oversight Board’s standards for three straight years.

The law was intended to be applied to all foreign companies that have shares or stocks listed in the US stock exchanges but American legislators pushed for it to target listed Chinese firms such as Alibaba, tech firm Pinduoduo Inc and oil giant PetroChina Co Ltd.Both Democrats and Republicans backed the measure via a large margin, sending a strong message to Chinese firms. SOVEREIGNPH

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