The House has passed a bill, already approved by the Senate, that would prevent companies that refuse to open their books to US accounting regulators
from trading on US stock exchanges, a step that could result in several Chinese firms getting kicked off Wall Street. Of course, the regulations would apply to any foreign company, but the bipartisan cosponsors of the legislation specifically said their goal was to target “deceitful Chinese companies.” Beijing requires companies that are traded overseas to hold their audit papers in mainland China, where they cannot be examined by foreign agencies. Meanwhile, the US has blocked cotton imports from China’s western Xinjiang region
that were reportedly produced with forced labor. US Customs and Border Protection has been trying to stop goods made with forced labor from entering the US market, and this is the sixth such order affecting the Xinjiang region.