The US Commerce Department has added 33 more Chinese entities to its “unverified list,” which means that US companies need to undergo an increased number of procedures in order to ship goods to the named entities, reports Reuters. The department took the step citing its inability to verify the legitimacy and reliability of the Chinese entities in relation to their use of US exports. The entities included listed companies, universities as well as aerospace and electronics suppliers.
China’s commerce ministry hit out at the US decision, saying on Tuesday Washington should correct its “wrongdoings” and the United States should return to the track of cooperation and contribute more to the global economic recovery.
Stock in WuXi Biologics, whose units in Wuxi and Shanghai were added to the unverified list, plummeted more than 25% on Tuesday to wipe $9.9 billion off its market value. Trade in shares of the company, which makes ingredients for vaccines including AstraZeneca’s COVID-19 vaccine, was later halted. WuXiBio said that while it had imported manufacturing equipment subject to US export controls, Washington’s move would have no impact on its business or ongoing services to global partners.