After yesterday’s news that the United States is ready to exclude Xiaomi from the military blacklist, Bloomberg published updated information on this matter.
According to the source, Xiaomi Corp. and the US government have reached an agreement to reverse the Trump administration’s decision to blacklist the company, which could have curbed US investment in the Chinese smartphone maker.
Earlier this year, the Chinese smartphone giant sued the government after the US Department of Defense under former President Donald Trump issued an order identifying the firm as the Chinese Communist War Company. This week, the US Department of Defense agreed that an order to remove this designation “would be appropriate.”
The documentation states that “the parties have agreed on further steps that will allow this lawsuit to be resolved without the need for a debate.” The parties involved are negotiating specific terms and conditions and will submit a separate joint proposal by 20 May.
The US government remains concerned about US investments in companies linked to the Chinese military, said Emily Horn, spokeswoman for the White House National Security Council: “The Biden administration is deeply concerned about potential US investments in companies linked to the Chinese military forces, and is fully committed to putting pressure on such companies. “
Xiaomi shares rose 6.7% in Hong Kong trading on Wednesday.
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