Chinese companies hit with U.S. trade restrictions over spy balloon incident

News Snapshot:

The Biden administration added 37 Chinese entities to a trade restriction list on Thursday, including some for allegedly supporting the spy balloon that flew over the United States last year, heightening tensions between Beijing and Washington. The Commerce Department also said it was adding some units of China Electronics Technology Group to the list for allegedly trying to obtain American technology to support China’s quantum technology capabilities, “which has serious ramifications for U.S. national security” due to their military applications. Media have said state-owned China Electronics Technology Group is a top military equipment supplier. China Electronics Technology Group could not...