WASHINGTON (Bloomberg): Xiaomi Corp and the US government have reached an agreement to set aside a Trump administration blacklisting that could have restricted American investment in the Chinese smartphone maker.
The Chinese smartphone giant had sued the government earlier this year, after the US Defense Department under former President Donald Trump issued an order designating the firm as a Communist Chinese Military Company, which would have led to a de-listing from US exchanges and deletion from global benchmark indexes. The US Defense Department has now agreed that a final order vacating the designation "would be appropriate,” according to a filing to the US courts Tuesday (May 11).
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