China warns of retaliation for NYSE's delisting of companies

China said Saturday that it would take necessary countermeasures in response to New York Stock Exchange’s anuncement that would delist three major Chinese telecoms, in latest flare-up of tensions between Beijing and Washington.

stock exchange said Thursday that China Telecom Corp. Ltd., China Mobile Ltd. and China Unicom Hong Kong Ltd. would be delisted from exchange, with tring of companies to be suspended sometime between Jan. 7 and Jan. 11.

move stems from an executive order President Donald Trump issued on v. 12 barring investment in publicly tred companies that U.S. government says are owned or controlled by Chinese military.

“China opposes Americans from abusing national security by listing Chinese companies into so-called ‘Communist China Military Companies’ list and will take necessary countermeasures to resolutely safeguard legitimate rights and interests of Chinese companies,” a spokesperson for Chinese Commerce Ministry said in a statement.

actions will also “greatly weaken all parties’ confidence in U.S. capital market,” statement said.

ministry did t offer details on what measures might be.

Under Trump, U.S. has stepped up ecomic sanctions and travel bans against Chinese companies, government officials and Communist Party members, especially recently in Trump’s last few weeks in office.

In December, U.S. anunced plans to limit visas for members of Chinese Communist Party and ir family members to one month, inste of 10 years.

Chinese tech giant Huawei has been shut out of U.S. market and U.S. has lobbied or countries to follow suit, albeit with mixed results.

(Im Credit: AP)