Trump administration shelves plans for investment ban on Alibaba, Tencent, Baidu-sources

WASHINGTON (Reuters) - The Trump administration has scrapped plans to blacklist Chinese tech giants Alibaba, Tencent and Baidu, four people familiar with the matter said, providing a momentary reprieve to Beijing's top corporates amid a broader crackdown by Washington.

Senior officials in the administration had been considering plans to add the firms to a list of alleged Chinese military companies, which would have subjected them to a new U.S. investment ban.

But according to the people, who declined to be named so they could speak freely, pushback from Treasury Secretary Steven Mnuchin put a freeze on the plans.

Treasury, State and the Pentagon did not immediately respond to requests for comment.

(Writing by Alexandra Alper; Editing by Chizu Nomiyama)

01/13/2021 19:08

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