The order argues that the United States must take "aggressive action" against developers of Chinese software applications to protect national security. It tasks the Commerce Department with defining which transactions will be banned under the directive within 45 days and targets Tencent Holdings Ltd's QQ Wallet and WeChat Pay as well. Kingsoft said in a statement published by Chinese state media that it did not expect Trump's order to substantially impact the company's business in the short term. Despite the 45-day time line laid out by the order, the Commerce Department plans to act before Jan. 20 to identify prohibited transactions, another US official told Reuters. Last month, the Commerce Department added dozens of Chinese companies, including Chinese drone manufacturer SZ DJI Technology Co Ltd, to a trade blacklist.

Source: bd News24 January 06, 2021 03:56 UTC