Trump Signs Bill That Could Remove Chinese Stocks From U.S.

Trump Signs Bill That Could Remove Chinese Stocks From U.S.

President Donald Trump on Friday signed legislation that could kick Chinese companies off of U.S. exchanges unless American regulators can review their financial audits, a move likely to further escalate tensions between the two countries.

The measure, which could affect corporate giants like Alibaba Group Holding Ltd. and Baidu Inc., serves as another parting shot at Beijing before Trump leaves office in January.

The president has long railed against China for what he calls unfair trading practices, and slapped tariffs on billions of dollars in imports. But his rhetoric sharpened this year as he blamed Beijing for the global coronavirus pandemic — a central issue in his electoral loss to Joe Biden as Trump was widely criticized for his handling of the outbreak.

The de-listing law won bipartisan support in the House early this month after easily clearing the U.S. Senate in May. While it applies to any foreign company, the bill’s sponsors have said their goal was to target China.