Corporate America worries WeChat ban could be bad for business: WSJ

 Corporate America worries WeChat ban could be bad for business: WSJ
imageEconomy2 hours ago (Aug 13, 2020 06:20AM ET)

(C) Reuters. FILE PHOTO: Illustration picture of Wechat app with China flags

(Reuters) – U.S. companies whose fortunes are linked to China are pushing back against the Trump administration’s plans to restrict business transactions involving Tencent Holdings (OTC:TCEHY) Ltd’s WeChat app, the Wall Street Journal reported on Thursday.

More than a dozen major U.S. companies raised concerns in a call with White House officials on Tuesday about the broad scope and impact of Trump’s executive order targeting WeChat, set to take effect late next month, the report added.

The companies said action against the app could undermine their competitiveness in the world’s second-biggest economy, according to the report.

Apple Inc (NASDAQ:AAPL), Ford Motor (NYSE:F) Co, Walmart (NYSE:WMT) Inc and Walt Disney (NYSE:DIS) Co were among those participating in the call, the Journal reported citing people familiar with the situation.

Other participants in the call included Procter & Gamble Co, Intel Corp (NASDAQ:INTC), MetLife Inc (NYSE:MET), Goldman Sachs Group Inc (NYSE:GS), Morgan Stanley (NYSE:MS), United Parcel Service Inc (NYSE:UPS), Merck & Co Inc and Cargill Inc.

The companies did not immediately respond to Reuters requests for comment.

Corporate America worries WeChat ban could be bad for business: WSJ

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