Beijing targets FedEx as US-China trade war escalates

Huawei ‘axes meetings with US and sends American workers home

Thousands of multinational companies could be at risk of further trade restrictions, after China said it would be establishing a list of "unreliable" entities in response to Washington banning Huawei earlier this month.

Commerce Ministry spokesperson Gao Feng said the list would include entities or individuals which do not comply with market regulations, violate the spirit of contracts, block Chinese firms or use discriminatory measures against them for non-commercial purposes - acts that "seriously harm Chinese firms' rights and legitimate interests".

The Ministry unveiled the initiative on Friday, without specifying the measures to be taken against the blacklisted companies, which it said would be announced in the near future.

While Huawei founder Ren Zhengfei isn't a real proponent of a retaliative sanctions against USA tech firms, particularly Apple, the Chinese Authorities is already considering hitting back at United States firms, even though Apple might not be the principal target.

Soon after, the US Commerce Department placed Huawei on its 'Entity List, ' effectively barring US firms from selling its technology without government approval.

It's expected that China will not only target US companies but also other foreign companies who have been dragged into this dispute. -China trade tensions and USA sanctions on Huawei. Nearly two weeks ago, US President Donald Trump placed Huawei on the "entity list" effectively banning the company from conducting business with US companies.

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"Surely companies that have announced cutting supplies to Huawei, such as Panasonic and Toshiba, would be under threat", said Michelle Lam, Greater China economist at Societe Generale SA in Hong Kong. Bloomberg reported on Friday that China has a plan to restrict exports of rare earths to the USA if it needs to.

China's announced investigation into the delivery giant comes on the same day that its raised duties against $60 billion of USA goods went into effect - a rise from 5% to 25%.

The move resulted in serious repercussions for Huawei as U.S. companies ceased business dealings with Huawei in compliance with Trump's order.

China said this week the next move in resolving trade talks must come from the U.S., as Trump said he's in no hurry to make a deal.

The U.S. has accused China of stealing trade secrets and forced technology transfers.

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