President Donald Trump listens to a reporter's question in the Oval Office of the White House, on ... [+] December 7, 2020, in Washington. AP Photo/Patrick SemanskyPresident Donald Trump on Friday signed legislation that could remove Chinese companies from U.S. exchanges if American regulators are not allowed to review their financial audits. The “Holding Foreign Companies Accountable Act” will require companies to establish that they are not owned or controlled by a foreign government and allow the U.S. Public Accounting Oversight Board to review their financial audits. Although the legislation applies to companies from any country outside of the U.S., the bill’s measures are clearly intended to target Chinese companies, such as Alibaba Group, Pinduoduo and PetroChina. The bill will almost certainly escalate tensions between China and the U.S. as President Trump prepares to leave office next month.

Source: Forbes December 19, 2020 04:30 UTC