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Shares in two top Chinese surveillance firms plunged Wednesday following reports Washington is considering banning them from buying US components, just as the blacklisting of telecoms giant Huawei fanned their escalating tech war. The move -- over alleged human rights abuses -- would make it harder for Hangzhou Hikvision Digital Technology and Zhejiang Dahua Technology to access the US market and suppliers, Bloomberg News cited people familiar with the matter as saying. The action, first reported by the New York Times, would also likely exacerbate a worsening row with Beijing after President Donald Trump stopped US firms from selling to Huawei and barred it from the US market.
The U.S. Commerce Department blocked Huawei Technologies Co Ltd from buying U.S. goods last week, a major escalation in the trade war between the world's two top economies, saying the firm was involved in activities contrary to national security. The two countries increased import tariffs on each other's goods over the past two weeks after U.S. President Donald Trump said China had reneged on earlier commitments made during months of negotiations. On Monday, the Commerce Department granted Huawei a license to buy U.S. goods until Aug. 19 to maintain existing telecoms networks and provide software updates to Huawei smartphones, a move intended to give telecom operators that rely on Huawei time to make other arrangements.