The relationship hasn’t looked so rocky in decades. “We’ve seen this kind of tit for tat over past years in the U.S.-China relationship.” firms with a strong China presence, such as Apple, Microsoft or Intel.
Analysts are now watching to see if Beijing retaliates against U.S. PR representatives of Chinese companies are terrified of courting American markets lest, as one recently told TIME, “we become the next Huawei.” Wanda Group owns AMC Cinemas and Hollywood studio Legendary Entertainment. Chinese tech giant Tencent is a major investor in Reddit, for one. The question is now not whether decoupling of the two economies will happen, but how far it will go–and who will be targeted next. Responsibility also lies with Beijing, which on top of compelling private firms to aid national security matters, shrouds its economy in red tape and still denies access to Facebook, Twitter, Google and many other U.S. “To descend into a full-fledged Cold War would be extremely unfortunate.” “Twenty years ago, no one foresaw things moving in this direction,” she says. Trade Representative who has worked on Asia trade policy for more than three decades, it’s a marked change of attitude. For Orit Frenkel, a former official at the Office of the U.S. bourses that fail to properly disclose financial information. The Trump Administration is also threatening to delist Chinese firms trading on U.S. In recent years, the Committee on Foreign Investment in the United States has ramped up blocking Chinese acquisitions of U.S. The reality is that the Trump Administration is acting primarily on commercial concerns, he says: “TikTok is the first social-media platform out of China that became truly global.”īanning TikTok would be an escalation, but in keeping with a broader trend of economic disengagement between the rival superpowers. As a national-security argument it’s “pretty weak,” says Adam Segal, a cybersecurity expert at the Council on Foreign Relations. The fear with TikTok appears to be that Beijing could pair data gleaned from the app with information with information already harvested in hacking on U.S. Huawei is a market leader in building 5G infrastructure, and security concerns on communications networks are self-evident (though, in Huawei’s case, unproved). The risk with TikTok is very different from that presented by the telecom giant Huawei, which the Trump Administration has targeted with sanctions and encouraged allies to blacklist. “Large Chinese companies are in the crosshairs, and then it’s a moving target what the specific risk is.” national security,” says Samm Sacks, cybersecurity policy and China digital economy fellow at the New America think tank. “This Administration fundamentally believes that the Xi Jinping government poses an existential threat to U.S.
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