US Approved $23 Billion in Licenses for Blacklisted Chinese Firms

More than $23 billion worth of U.S. tech products got the green light to be sent to China in the first quarter of 2022 alone. The information comes from Congressman Michael McCaul. who spoke during a Committee hearing. Even when a Chinese company is put on the U.S. blacklist, American companies can still apply for certain export licenses to do business with them. McCaul claimed that only 8 percent of requests for those licenses were denied last year from January to March. As of now, almost 640 Chinese companies are listed on the Entity List.