United States Treasury Secretary Steven Mnuchin has announced that Chinese companies and companies from other countries listed in the U.S markets which do not comply with the U.S accounting system will be delisted from U.S stock markets before 2022 wraps up.
During the past week, Mnuchin and other officials recommended the proposal to U.S. Securities and Exchange Commission further requesting the commission to ensure Chinese companies are subjected to same standards as U.S based companies.
“As of the end of next year they all have to comply with the same exact accounting, or they will be delisted on the exchanges,” said Mnuchin.
These proposals are part and parcel of what Trump’s administration terms as corrections to major imbalances between China and the U.S.
President Trump said China was failing to meet its commitment of buying more goods from the U.S as per a phase 1 agreement deal signed on January.
“We did a Phase 1 deal and it was a wonderful deal, and all of a sudden it means very little in the overall import of things,” said Trump.