On Aug. 6, President Trump issued an executive order banning U.S. individuals and firms from transactions involving WeChat, to be effective from late September, citing concerns over national security. The order has rattled American firms, concerned that the ban could be applied beyond the U.S. and in China. AmCham Shanghai, which includes firms such as Coca-Cola Co. and JP Morgan Chase & Co. among its 1,400 members, surveyed more than 140 corporates this month. Should the ban extend to China and U.S. companies and citizens there, almost nine in 10 companies said the ban would hurt operations in China by hindering their ability to effectively communicate with staff and local authorities. More than half of those polled said it would result in a loss of competitiveness in the market, and 42% of the respondents say extending the WeChat ban to China would result in revenue loss.

Source: Wall Street Journal August 26, 2020 10:29 UTC