The US government has lifted the ban on certain activities that hit Xiaomi in the United States. The smartphone maker was among Chinese companies placed on a blacklist set up by Donald Trump shortly before the end of his presidential term. The head of state believed that the company was providing information to the Chinese military. Xiaomi has finally reached an agreement with the US authorities, reports Bloomberg.
The decision was likely to limit US investment in the Chinese giant’s organization. The latter had therefore lodged a complaint against the United States Department of Defense at the beginning of the year. Justice ruled in his favor last March and temporarily suspended the ban. The judge then considered it necessary to prevent Xiaomi from “irreversible damage”.
Towards a complete annulment of restrictive measures
The magistrate said he was confident in the company’s chances of eventually obtaining a complete annulment of the restrictive measures. The company eventually struck a deal with the Defense Ministry, which called an executive order to remove Xiaomi from the blacklist “appropriate”. Negotiations are still ongoing. Each camp is called to communicate its proposals before May 20.
“The parties have found common ground on a way to move forward and resolve this dispute without going to court,” once again, an official document said. The details of the agreement and any conditions accepted by Xiaomi, however, were not communicated. The Chinese manufacturer’s share saw its value rise 6.7% on the Hong Kong stock exchange on Wednesday.