logo
US adds 80 firms including from Pakistan to export blacklist

US adds 80 firms including from Pakistan to export blacklist

Express Tribune26-03-2025

Listen to article
The United States has added 80 companies from various countries, including Pakistan, to its export blacklist.
The US added six subsidiaries of Inspur Group, China's leading cloud computing and big data service provider, and dozens of other Chinese entities to its export restriction list on Tuesday.
The Inspur units were listed for contributing to the development of supercomputers for the Chinese military, the Commerce Department said in a posting. Five of the subsidiaries are based in China and one in Taiwan. Inspur Group itself was placed on the list in 2023.
The Inspur units are among about 80 companies and institutes added to the export control list on Tuesday. Over 50 are based in China. Others are in Taiwan, Iran, Pakistan, South Africa and the United Arab Emirates.
The listings are intended to restrict China's ability to develop high-performance computing capabilities, quantum technologies and advanced AI, and impede China's development of its hypersonic weapons program.
"We will not allow adversaries to exploit American technology to bolster their own militaries and threaten American lives," said Commerce Secretary Howard Lutnick.
China's foreign ministry, in response to an enquiry on Wednesday, condemned the US move and said the country will take necessary measures to safeguard the legitimate rights and interests of Chinese enterprises.
The Chinese embassy in Washington said on Tuesday it firmly opposed "these acts taken by the US and demand that it immediately stop using military-related issues as pretexts to politicize, instrumentalize and weaponize trade and tech issues."
The Inspur Group did not immediately respond to a request for comment.
The US also seeks to disrupt Iran's procurement of drones and related defense items and to prevent development of its ballistic missile program and unsafeguarded nuclear activities.
The government adds companies to the Commerce Department's Entity List for national security or foreign policy concerns. Companies cannot sell goods to those listed without applying for and obtaining licenses, which are likely to be denied.
Commerce official Jeffrey Kessler said the administration aims to prevent "US technologies and goods from being misused for high performance computing, hypersonic missiles, military aircraft training, and UAVs (drones) that threaten our national security."
When Inspur Group was placed on the list in 2023, executives from AMD (AMD.O), opens new tab and Nvidia (NVDA.O), opens new tab were questioned about their dealings with the company. At the time, chip industry insiders and their advisers said firms were trying to assess whether they had to halt supplying Inspur's subsidiaries.
Reuters could not immediately determine whether the US companies continued to do business with the subsidiaries. Nvidia declined to comment, and AMD did not immediately respond to a request for comment.
Chinese firms Nettrix Information Industry Co, Suma Technology Co and Suma-USI Electronics are among the other companies added to the list. The US said they were added for helping develop Chinese exascale supercomputers, which can process vast amounts of data at very high speeds and conduct large-scale simulations.
The companies have also provided manufacturing capabilities to Sugon, also known as Dawning Information Industry Co (603019.SS), opens new tab, a computer server manufacturer added to the Entity List in 2019 for building supercomputers used by the military, the Commerce Department said.
The companies could not immediately be reached for comment.
Other companies were added to the list for acquiring US origin items to advance China's quantum technology capabilities, and for selling products to companies that supply other listed parties, including Huawei, the tech conglomerate viewed as at the center of China's AI ambitions.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

TSX rises on energy boost; US-China talks in focus
TSX rises on energy boost; US-China talks in focus

Business Recorder

time44 minutes ago

  • Business Recorder

TSX rises on energy boost; US-China talks in focus

Canada's main stock index rose on Tuesday as rising oil prices boosted the energy sector, while investors awaited key developments from the second day of the U.S.-China trade negotiations. The S&P/TSX composite index, up 0.2% at 26,420.31 points, was hovering near the record high levels reached on Friday. U.S. Commerce Secretary Howard Lutnick said trade talks with China were going well as the two sides met for a second day in London. Any progress in the negotiations is likely to bring relief to the markets given that President Donald Trump's often-shifting tariff announcements and swings in U.S.-China ties have affected global supply chains and economic growth worldwide. 'The Canadian markets are benefiting from obviously the optimism and the positive direction of U.S. equity markets,' said Matt Skipp, President of SW8 Asset Management. 'And I think the U.S. markets are moving higher on the assumption that Trump will not do anything that will hurt American assets, equities etc.' White House economic adviser Kevin Hassett said on Monday the U.S. was likely to agree to lift export controls on some semiconductors in return for China speeding up the delivery of rare earths. Almost all major sectors were trading in the green on the TSX, with energy shares leading the way as oil prices advanced, buoyed by U.S.-China trade talks and a dip in Saudi Arabian crude supply to China. Consumer staples and consumer discretionary sectors gained 1% and 0.7%, respectively. Bucking the trend, the materials sector was down almost 1%. Looking ahead, markets will focus on Wednesday's U.S. inflation report, which will influence expectations for Federal Reserve interest-rate cuts.

Wall Street mixed as US-China trade talks grab focus
Wall Street mixed as US-China trade talks grab focus

Business Recorder

time44 minutes ago

  • Business Recorder

Wall Street mixed as US-China trade talks grab focus

Wall Street's main indexes were mixed on Tuesday as investors awaited the outcome of ongoing trade talks between the United States and China aimed at cooling a tariff dispute that has bruised global markets this year. U.S. Commerce Secretary Howard Lutnick said trade talks with China were going well as officials from the two sides met for a second day in London. Investors are hoping for an improvement in ties after the relief around a preliminary deal struck last month gave way to fresh doubts when Washington accused Beijing of blocking exports critical to sectors such as aerospace, semiconductors and defense. White House economic adviser Kevin Hassett said on Monday the U.S. was likely to agree to lift export controls on some semiconductors in return for China speeding up the delivery of rare earths. 'I think these issues will be resolved, but I think it's still early days … but the fact that they're talking certainly is positive,' said Mark Malek, chief investment officer at Siebert Financial. 'We're not making progress yards at a time, but inches at a time.' At 10:03 a.m. ET, the Dow Jones Industrial Average fell 20.22 points, or 0.05%, to 42,742.88, the S&P 500 gained 10.30 points, or 0.17%, to 6,016.18 and the Nasdaq Composite gained 53.92 points, or 0.28%, to 19,645.16. Seven of the 11 major S&P 500 sub-sectors rose, led by energy with a 1.7% gain, tracking strength in oil prices. Communication services stocks added 0.9%. Wall Street mixed with focus on US-China trade talks U.S. equities rallied sharply in May, with the S&P 500 index and the tech-heavy Nasdaq marking their best monthly gains since November 2023, helped by upbeat earnings reports and a softening of President Donald Trump's harsh trade stance. The S&P 500 remains about 2% below all-time highs touched in February, while the Nasdaq is about 2.6% below its record peaks reached in December. Investors are awaiting U.S. consumer prices data on Wednesday for clues on the Federal Reserve's rate trajectory. The World Bank slashed its global growth forecast for 2025 by 0.4 percentage point to 2.3%, saying higher tariffs and heightened uncertainty posed a 'significant headwind' for nearly all economies. Shares of McDonald's fell 1.4%, weighing on the blue-chip Dow Index, after a report Redburn Atlantic downgraded the fast-food giant to 'sell' from 'buy'. Most megacap and growth stocks were mixed. Tesla shares advanced 2.6%. Insmed shares jumped 27.7% after the drugmaker said its experimental drug significantly reduced blood pressure in the lungs and improved exercise capacity in patients in a mid-stage study. U.S.-listed shares of Tencent Music Entertainment Group advanced 2.2% after the Chinese company said it would buy domestic long-form audio platform Ximalaya for about $2.4 billion in cash and stock. Advancing issues outnumbered decliners by a 2.52-to-1 ratio on the NYSE and by a 1.76-to-1 ratio on the Nasdaq. The S&P 500 posted 7 new 52-week highs and one new low while the Nasdaq Composite recorded 42 new highs and 29 new lows.

Most Gulf markets gain as investors eye US-China talks
Most Gulf markets gain as investors eye US-China talks

Business Recorder

time2 hours ago

  • Business Recorder

Most Gulf markets gain as investors eye US-China talks

Most stock markets in the Gulf ended higher on Tuesday, tracking gains in global equities as investors looked for progress in U.S.-China trade talks that could ease tensions between the world's two largest economies. U.S. Commerce Secretary Howard Lutnick said on Tuesday trade talks with China were going well as the two sides met for a second day in London, seeking a breakthrough on export controls that have threatened a fresh rupture between the superpowers. World stocks, as reflected by the MSCI All-Country World index, traded near record highs, while the dollar steadied against a range of currencies. Dubai's main share index rose 0.1%, helped by a 1.8% rise in top lender Emirates NBD. The bourse's gains were limited after the benchmark index hit its highest since 2008 on Monday. However, underlying momentum remains intact, suggesting the potential for further advances in the coming sessions, said Osama Al Saifi, Managing Director for MENA at Traze. 'Although many sectors were in negative territory today, solid market fundamentals point towards continuous gains.' Most Gulf markets rise, Dubai's main index hits over 17-year high Abu Dhabi, the main index finished 0.5% higher. Oil prices - a catalyst for the Gulf's financial markets - climbed as investors awaited the outcome of U.S.-China trade talks and as Saudi Arabia's crude supply to China is set to dip slightly. The Qatari index advanced 1.3%, led by a 1.4% gain in the Gulf's biggest lender Qatar National Bank. Outside the Gulf, Egypt's blue-chip index closed 0.7% higher, with Talaat Moustafa Group Holding rising 2.5%. The Saudi and Bahrain bourses remained closed due to a public holiday. ------------------------------------- Abu Dhabi up 0.5% to 9,796 Dubai added 0.1% to 5,599 QATAR rose 1.3% to 10,697 EGYPT gained 0.7% to 32,904 OMAN was up 0.1% to 4,582 KUWAIT added 0.8% to 8,925 -------------------------------------

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store