Jakarta, CNBC Indonesia – Even though Joe Biden is said to be the winner of the United States (US) Presidential Election, the incumbent Donald Trump still has ammunition to fight China at the end of his administration.
Most recently, as published by Bloomberg from a source, the US Securities and Exchange Commission (SEC) will issue a regulation encouraging plans to “remove Chinese companies” from US stock exchanges later this year.
This step is called unusual because some US agencies usually stop issuing new policies after the presidential election is held.
The SEC will issue a rule that could remove companies on Wall Street for not complying with US audit rules.
For a decade, China has always refused the supervisor of the Public Company Accounting Agency to look at Alibaba et al trading in the US market.
Being discussed since August, the new limit will take effect in 2022. Even though Trump’s term ends January 20, although he often does not recognize Biden’s victory and rejects the transition.
Previously, US and Chinese officials have repeatedly failed to come up with a compromise on this issue, while Chinese companies have continued go public through the U.S. stock exchange despite being ignored by American law.
Report The Working Group on Financial Markets The US encouraged the SEC to recommend that exchanges such as the New York Stock Exchange and Nasdaq set enhanced standards to prevent listing of companies that did not comply with Uncle Sam’s rules.
The report asks the SEC to issue new rules, though they won’t take effect until January 2022 to prevent market disruptions.
Under Trump’s leadership, the US and China have clashed frequently. Last week, the US also threatened new sanctions against China over the sacking of a pro-opposition Hong Kong legislator.
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