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WASHINGTON (UrduPoint News / Sputnik – 03rd August, 2021) US sanctions targeting nearly 60 Chinese companies will not have a significant impact and may even backfire unless other Western countries are prompted to do the same, analysts told Sputnik.
On Monday, new US restrictions on American investments in 59 Chinese companies went into effect over allegations the firms were tied to China‘s military and Beijing‘s surveillance efforts. Many see the move as yet another example of President Joe Biden continuing the same tough line against Beijing as that taken by his predecessor.
NARROW RESTRICTIONS, LITTLE IMPACT
Beijing quickly hit back against the United States economic sanctions, accusing Washington of hypocrisy. During talks in the Chinese city of Tianjin last week, Foreign Minister Wang Yi told US Deputy Secretary of State Wendy Sherman that the United States should honor its own rhetoric about following international trade rules.
“Taken in isolation, this move will not affect the targeted Chinese corporations in a significant way,” Global Policy Institute President Paolo von Schirach said. “Any short-term damage to China from the White House announcement was likely going to be more about image and reputation rather than a serious hit on the viability of the targeted corporations.”
Read the full interview here
