President Trump’s chaotic war on Chinese tech has left the Biden administration with a raft of unfinished business involving- efforts to restrict Chinese firms and products in U.S. markets. The Chinese and American tech industries are joined at the hip in many ways, and that inter-dependence has shaped decades of prosperity. But now security and political concerns and economic rivalries are pulling them apart. United States had targeted several key Chinese tech powerhouses including Xiaomi (phone manufacturer), SMIC China (largest chip foundry), Hawaii (Chinese Telecom giant), Tok-tok (Chinese video sharing app), WeChat Pay Service and others during Trump era. Some of the Trump administration’s measures are being implementing in Biden era due to time provision under the US legislation.
The interdependence of US and Chinese big technical giants previously aimed at boosting two-way prosperity and business development has become a mean of two sides financial downfall. The initiative has been taken by Trump administration without doing any preparation at home had led to an embarrassment for the American businesses and the government. It has proven to be a two- edge weapon which is equally hearting the US alongside Chinese economy. Large number of masses are openly criticizing this politically motivated government’s move resulting in collapse of many of US businesses and increasing joblessness.
Hawaii has challenged the US move in the court and several other Chinese firms are thinking to
follow the Hawaii path to avoid their financial loss due to this ongoing tussle between the two
In fact, it is politically motivated policy initiated by the US government to avoid any potential Chinese economic domination on US economy and financial system in future. America’s preemptive economic doctrine has led to create a big chaos in the businesses and financial institutions of both countries and badly impacted on industries and financial systems of both sides. According to financial experts, these US moves will hamper the Chinese businesses and industry temporarily as China has started exploring new avenues for its businesses, apparently, Chinese economic expansion in the world is not likely to stop by the US in coming decades.