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Xiaomi will be removed from the US blacklist

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Americans will soon be able to invest in Xiaomi again, as a new legal filing shows that the US government will remove the company from its blacklist.

If you missed the recent drama in the US-China trade rivalry earlier this year, Xiaomi got labeled as a Communist Chinese military company in the remaining days of the Trump administration. The company was allegedly a Chinese military-backed entity used for technological development and therefore consequently removed from the government trade-ban list.

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Xiaomi promptly sued for what it deemed as an unconstitutional ban, and eventually won a court ruling in the US.

With US President Joe Biden now in charge, the US has reversed one of its anti-China measures. The filing shows that Xiaomi and the US government have reached an agreement to resolve their ongoing litigation. Shares in the company have risen by 6 percent shortly after the news.

Source: Reuters

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