As per the proposal, as reported by US media, the Chinese companies listed on American stock exchanges like New York Stock Exchange and NASDAQ be subject to audit by US regulators or else they would be delisted.
The US move came after the Justice Department said that hackers working with the Chinese government targeted firms developing vaccines for the coronavirus and stole hundreds of millions of
dollars worth of intellectual property and trade secrets from companies across the world.
It is one thing to send additional warships to the Indo-Pacific waters to warn China that smaller countries around the South China Sea cannot be bullied. But it is quite different across a land border.
US said China has reportedly threatened to punish British bank, The Hong Kong and Sanghai Banking Corporation (HSBC), and to break commitments to build nuclear power plants in the United Kingdom unless London allows Huawei to build its 5G network.
Donald Trump's announcement came amidst escalating confrontation between the US and China over trade, the origins of the Covid-19, security crackdown in Hong Kong and the communist giant's military moves in the South China Sea.
Despite the limitations, the sanctions amounts to the first concrete step by a government to penalize China over the treatment of Uighur Muslims since the existence of the mass internment camps became widely known in recent years.