In mid-January, a few days before the resignation, the Donald Trump administration blacklisted Xiaomi. The Chinese company did not wait long and came up with an answer by suing the state government.

What does it mean

Recall that the sanctions imply a ban on American investment in a Chinese company. In addition, all existing investors will be required to withdraw their assets by November 11, 2021. And although this is not a repeat of history with Huawei, Xiaomi is still outraged by this decision.

The official statement states that the company «provides products and services for civilian and commercial use, is not owned, controlled by, or affiliated with the Chinese military, and is not a ‘communist Chinese military company’.»

Xiaomi also emphasizes that «it will face imminent, serious and irreparable harm if the order remains in place and the restrictions go into effect.»

By the way, specific people are named in the lawsuit — US Secretary of Defense Lloyd Austin and Secretary of the Treasury Janet Yellen. Although they took office after the inauguration of current President Joe Biden (Joe Biden), that is, after the imposition of sanctions.

Source: Bloomberg