There are only a couple of weeks left before Donald Trump leaves the office. However, the president is still buying inflicting as much harm as he can to the Chinese companies. It was only the day before yesterday that Donald Trump issued another executive order to take down two more companies from China. This time, the president has issued an executive order to ban Chinese payment application giants.
The executive order passed by the president will be imposed on the citizens as well as the people living in the United States. As per the new order, anyone living in the United States or in its jurisdictions is barred from using nine payment applications from China.
The executive order issued by the president follows the recent efforts that were made by the White House. It was just a few months back when the U.S administration attempted the same with another China-based application. At that time, it was one of the most prominent Chinese social media applications “TikTok” that the U.S. administration tried to cut-off from the U.S. Markets.
In the recent executive order, the United States administration has adopted the same tactic. It has again alleged the Chinese applications of collecting data of the U.S. citizens. This time also, the United States administration has put the blame on the Chinese Communist Party for collecting data.
The executive order issued by the president alleges that the CCP and PRC are involved in stealing the information of the U.S. citizens. This makes it clear that China intends to use this information to gain advancements for its national security and economic agenda.
The applications that the executive order bars to be utilized include QQ Wallet, SHAREit, CamScanner, AliPay, VMate, Tencent QQ, WPS Office, and WeChat Pay.
According to sources, the executive order passed by President Donald Trump will be effective in 45-days. However, the current President “Donald Trump” will not be present in the office to see it through. Donald Trump had already made an attempt on ByteDance when it tried to get the firm divested of TikTok. However, his attempt to get ByteDance divested of TikTok was obstructed in the court.
Given the recent outcome and history of Donald Trump’s attempts and failure, there are possibilities that he will not get much out of this attempt either.
One of the crypto-reporting firms “Cointelegraph” just tried approaching Biden’s administration to get them to comment on this. However, Biden’s administration has not made any comment as to whether they want to see the order get through or not.
Many economists, as well as crypto-economic analysts, hold the same opinion stating that there is indeed a cold war going on between China and America. Based on this fact, the current action taken by the U.S. administration is somewhat justified.