In the dying days of the Trump administration popular Chinese smartphone company Xiaomi was added to the “Communist Chinese Military Companies” list via executive order. The 15/1/2021 declaration makes it illegal for US citizens to own Xiaomi stock, but did not impose the harsh export restrictions Huawei has been subject to for the last 18 months.
Today Reuters reports that shares in Xiaomi Corp have jumped following a report that the company would be removed from a U.S. blacklist. A Bloomberg reporter has tweeted that the company reached a settlement with the U.S. Defense Department.
Xiaomi produces some innovative devices, but the absence of Huawei in particular as a competitive force has been felt all around the world, after the once second-largest smartphone company in the world was hamstrung by intense US sanctions.
Hopefully, the news regarding Xiaomi reflects a review of these anti-Chinese Trump-era crusades.