US Treasury Secretary Steven Mnuchin last week recommended the US Securities and Exchange Commission to delist companies from China and other countries from US Stock Exchanges that fail to meet US accounting standards as of the end of 2021. Separately, Mnuchin said that the US SEC would likely adopt the policy to ensure that Chinese companies are held to the exact same standards as US firms.
This move is part of the Trump administration’s push to correct what it calls significant imbalances between both nations’ ties. Tensions between the world’s two largest economies have flared up in past months over some issues, including the COVID-19 pandemic, as well as Beijing’s human rights abuse in Hong Kong and Xinjiang.
Recently, Trump also said China was failing to fulfil its commitments agreed under the Phase-One trade deal signed in January. Trump also repeated his calls for the WTO to stop classifying China as a developing country because it gave Beijing unfair advantages over the US and other economies.
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Published on August 11, 2020 11:48 AM (GMT+8)Last Updated on August 11, 2020 11:48 AM (GMT+8)
