Smartphone giant blamed government officials
The prominent smartphone giant of China, Xiaomi has blamed the officials of the United States over the decision of the former president Donald Trump to include it to a blacklist that would ban American investment. On the 15th of January, the administration of Donald Trump included Xiaomi and 8 other Chinese companies to the Pentagon blacklist, days before the inauguration of president Joe Biden.
Xiaomi is one of the largest smartphone manufacturers of the globe which is now criticizing the Treasury Department, the Department of Defense, Treasury Secretary Janet Yellen, as well as defense secretary Lloyd Austin. Under the presidency of Trump, the Defence Department labeled companies to the communist Chinese military firms list. It also stated that it would ban the people of America from investing in them and meanwhile, instructed any Americans with shares in the firms to auction their stake within a year.
The Chinese smartphone maker filed the complaint in a Washington district court, urging the American government to remove it from the block list. The firm declined being administrated by Beijing and said that a ban on American investment would generate quick and irreplaceable harm to Xiaomi.
After Xiaomi was included in the list, its stock had almost doubled since it moved to the public in the United States in 2018, and now, it decreased by 14 percent. Data issued in October indicated that in the 3rd quarter, Xiaomi auctioned more smartphones than Apple.
President Joe Biden has postponed the date for the American investment ban from 28th January to the 27th of May, giving an extra timeline to his administration to review the policy and the companies on the list. Biden’s administration has represented no indications that it will minimize the United States' perspective on dealing with China.
The president’s secretary of state, Antony Blinken said that he admitted with the judgment of his predecessor, Mike Pompeo, China was violating genocide against the Muslims of the Uighur. Another Chinese smartphone maker company, Huawei on the blacklist, which has observed a major decline in its 4th quarter sales by over 40 percent.