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US bans imports from BGI Genomics, MGI Tech, citing ties to forced labor in Xinjiang

By · Via Investing.com Markets · Published by Everything Blog

In short

The United States enacted an import ban against BGI Genomics and MGI Tech. Officials took this step because the companies allegedly maintain ties to forced labor operations within China's Xinjiang region. The move cuts off American market access for both entities under federal trade restrictions.

Key points

  • American trade regulators are barring Chinese biotechnology firms tied to labor abuses.: American trade regulators are barring Chinese biotechnology firms tied to labor abuses.
  • BGI Genomics cannot legally export its products into the United States market.: BGI Genomics cannot legally export its products into the United States market.
  • MGI Tech faces restricted American access due to alleged ties to Xinjiang labor.: MGI Tech faces restricted American access due to alleged ties to Xinjiang labor.

Original source: www.investing.com

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