Political decision impacts European market
June 10, 2023
The US government political decision to ban Ninestar imports is likely to impact the European market.
In a move that is expected to have far-reaching consequences on the global market, the United States has imposed a ban on imports from China-based printer manufacturer Ninestar Corporation and a Chinese chemical company, citing alleged human rights abuses. This decision, has raised concerns about the diversion of goods destined for the US market to other markets, thereby impacting the wider European market.
Ninestar, has been excluded from the US supply chain due to their involvement in business practices that target China’s Uyghur population and other persecuted groups, as stated by the US Homeland Security Department (DHS).
The ban’s impact on the European market cannot be overlooked. as goods originally intended for the US market are likely to be redirected to other markets. Competitors in those regions are likely to experience an Impact on market share, potentially disrupting the balance of trade in the wider European market. In light of this, there are calls for member states to prioritize buying European goods, thereby mitigating the potential negative effects of the US ban and fostering domestic economic growth.
The ban on imports from Ninestar is in accordance with the US Uyghur Forced Labour Protection Act (UFLPA), which became law in December 2021. The UFLPA prohibits the import of goods produced in Xinjiang or by companies listed on the UFLPA Entity List, unless importers can provide evidence that the goods were not produced using forced labour.
China, for its part, has consistently denied all allegations of human rights abuses in Xinjiang and remains firm in its stance. The geopolitical and economic ramifications of this ban are expected to continue unfolding as stakeholders navigate the complex landscape of global trade and human rights concerns.
Following the inclusion of Ninestar and its eight Zhuhai subsidiaries which include Zhuhai Ninestar Information Technology Co. Ltd., Zhuhai Pantum Electronics Co. Ltd., Zhuhai Apex Microelectronics Co., Ltd., Geehy Semiconductor Co., Ltd., Zhuhai Pu-Tech Industrial Co., Ltd., Zhuhai G&G Digital Technology Co., Ltd., Zhuhai Seine Printing Technology Co., Ltd., and Zhuhai Ninestar Management Co., Ltd, twenty-two companies are now on the list.
This story is being updated as more news emerges.
Categories : World Focus
Tags : BAN Business China Ninestar Politics Products & Technology USA
