A Republican bill backed by senior Democrats seeks to 'severely sanction' Chinese 5G companies, freezing them out of the US financial system on accusations of economic espionage against America.
abc.net.au/news/us-introduces-bill-restricting-huawei-access-banks/101773686US senators have introduced a bipartisan bill to sanction Huawei Technologies and other Chinese 5G companies, restricting them from accessing US banks.The bill seeks to add Huawei and other companies to the Treasury Department's Specially Designated Nationals list
Bill author senator Tom Cotton accuses Huawei of "malign attempts to dominate 5G and steal Americans' data"The bill, introduced by Republican senator Tom Cotton and backed by Senate Majority Leader Chuck Schumer, a Democrat, seeks to "severely sanction" Huawei and other "untrustworthy" Chinese 5G producers who they say engage in economic espionage against the US.
The bill will add these entities to the Treasury Department's Specially Designated Nationals List, effectively freezing them out of the US financial system. Huawei, which is already subject to a ban on equipment sales in the US, did not immediately respond to Reuters' request for comment. China's Foreign Ministry said: "China firmly opposes the US's generalisation of the concept of national security, [and its] abuse of state power to suppress Chinese enterprises."
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