Biden administration plans to blacklist over 30 Chinese companies: report

Tensions continue to escalate between the United States and China as the Biden administration prepares to blacklist a prominent Chinese chip manufacturer, Yangtze Memory Technologies, along with 35 other companies based in the PRC, according to a new report. 

The U.S. Commerce Department plans to add China’s largest memory chip maker to an “Entity List” early next week, according to a report from Bloomberg. Being added to the list makes it difficult for companies to receive items from U.S. suppliers. 

All foreign companies added to the list will have to request a special export license from the agency in order to buy technology from suppliers based in the U.S. An official in the Commerce Department noted in November that Yangtze and other Chinese companies were at risk of being blacklisted, according to Reuters.

In October, nearly three dozen Chinese organizations were put on an unverified list by Commerce because authorities in the U.S. could not prove these companies were not supporting China’s military. 

APPLE LOOKING TO MOVE IPHONE PRODUCTION OUT OF CHINA IN WAKE OF VIOLENT WORKER PROTESTS: REPORT

The Biden administration plans to put Yangtze Memory and 31 other Chinese companies on an “Entity List,” according to new reports. (Kevin Dietsch/Getty Images / Getty Images)

Therefore, all 31 of these Chinese organizations had to prove within 60 days that their business activities did not put U.S. national security at risk. Bloomberg notes that China’s government did cooperate with the Commerce Department in order to avoid the blacklist. 

IMF OFFICIAL TELLS CHINA TO DROP ‘ZERO-COVID’ STRATEGY TO SAVE ITS ECONOMY

The move will likely further escalate tensions between the world’s two largest economic superpowers amid global inflation and stagnation. Moreover, Yangtze Memory is China’s largest chip manufacturer, supplying American companies such as Samsung.

CLICK HERE TO READ MORE ON FOX BUSINESS