Finance

Trump ban on WeChat would hit U.S. business revenues, survey says

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The Tencent Holdings Ltd. WeChat app is displayed in the App Store on a smartphone in an arranged photograph taken in Arlington, Virginia, on Friday, Aug. 7, 2020.

Andrew Harrer | Bloomberg | Getty Images

President Donald Trump’s executive order on messaging app WeChat would hit revenue for companies in China subject to U.S. jurisdiction, according to a survey released Wednesday by the American Chamber of Commerce in Shanghai.

On Aug. 6, the White House said that in 45 days, it would ban unspecified U.S. transactions with WeChat and its parent company Tencent due primarily to data security concerns. Chinese technology giant Tencent said in its quarterly earnings release last week that…



Source cnbc.com

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