- The Trump administration is considering restricting Ant Group and Tencent — two Chinese powerhouses — in the US over national security concerns, according to a new Bloomberg report.
- Senior officials have not yet presented the possible restrictions to the president, Bloomberg notes.
- Its the latest example of the Trump administration’s attempts to regulate Chinese firms over perceived national security risks.
- Ongoing efforts to to ban TikTok and Tencent-owned WeChat, as well as Secretary of State Mike Pompeo’s “Clean Network” initiative, have highlighted the adminstrations attempts to crack down on Chinese apps and services.
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Senior officials in the Trump administration are considering restricting the business operations of Chinese firms Ant Group and Tencent in the US over national security concerns, according to a new report from Bloomberg.
Ant Group is a digital payment platform founded by Chinese billionaire Jack Ma. Tencent is a Chinese mega-conglomerate and most notably owns WeChat, the popular app that the administration has been attempting to ban alongside TikTok. US leaders are worried that the companies’ presence in the US market could lead to the Chinese government accessing user banking data from hundreds of millions of Americans, according to Bloomberg.
A spokesperson for Ant Group told Business Insider in a statement: “We are unaware of any such discussions within the Administration. Ant Group’s business is primarily in China and we are excited about our growth prospects in the China market. Our mission is to contribute to