Auditors may be getting along. But make no mistake: technological decoupling between the world’s two biggest economies is proceeding apace
Save time by listening to our audio articles as you multitaskThe beancounters’ success belies a bilateral commercial relationship that is getting increasingly tetchy. On the day of their announcement, America’s Commerce Department said it had added 36 Chinese companies to its “entity list”, a designation that makes doing business with them near-impossible.
The American government has been ratcheting up pressure on Chinese business since 2019, when Donald Trump first blacklisted Huawei. His successor, Joe Biden, is even less coy that the policies’ ultimate goal is to hobble a geostrategic rival. In October Mr Biden’s administration announced sweeping measures that block Chinese artificial-intelligence ventures from gaining access to American technology and talent.
Recent media reports suggest that Japan and the Netherlands may join America in applying sanctions. Japan is the second-biggest seller of semiconductor equipment to China behind America. By signing up to Washington’s sanctions it closes a “major loophole” in the current restrictions, according to Jefferies, an investment bank. Analysts wonder if, the Dutch monopolist in the market for chip-etching machines, will keep selling equipment to China.
To avoid Uncle Sam’s cudgel, some Chinese firms are trying to distance themselves from their country of origin. TikTok has moved its headquarters to Singapore and downplays its links to ByteDance, its Chinese parent company. But severing those links is hard: engineers working on TikTok algorithms are still being hired in China, according to the. A few American states are seeking to ban the app from government-issued phones.
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