Amid a worsening tariff battle, China is putting off accepting license applications from American companies in financial services and other industries until Washington makes progress toward a settlement, a business group says.
The disclosure Tuesday is the first public confirmation of U.S. companies’ fears that their operations in China or access to its markets might be disrupted by the battle over Beijing’s technology policy. China is running out of American imports for penalties in response to President Donald Trump’s tariff hikes, which has prompted worries regulators might target operations of U.S. companies.
The license delay applies to industries Beijing has promised to open to foreign competitors, according to Jacob Parker, vice president for China operations of the U.S.-China Business Council. The group represents some 200 American companies that do business with China.
Chinese authorities have promised to increase foreign access to areas including banking, securities, insurance and asset management.
Read more in the Eau Claire Leader-Telegram.