U.S. agrees to remove Xiaomi from blacklist

Xiaomi Corp. and the U.S. government have reached an agreement to set aside a Trump administration blacklisting that could have restricted American investment in the Chinese smartphone maker, Report informs, referring to Bloomberg.

The Chinese smartphone giant had sued the government earlier this year after the U.S. Defense Department under former President Donald Trump issued an order designating the firm as a Communist Chinese Military Company, which would have led to a de-listing from U.S. exchanges and deletion from global benchmark indexes. The U.S. Defense Department has now agreed that a final order vacating the designation “would be appropriate,” according to a filing to the U.S. courts Tuesday.

Xiaomi declined to comment. Pentagon representatives weren’t immediately available for comment after normal hours. Chinese Foreign Ministry spokeswoman Hua Chunying said at a regular press briefing in Beijing she wasn’t aware of any deal the firm may have reached with the U.S.

“The Parties have agreed upon a path forward that would resolve this litigation without the need for contested briefing,” according to the filing, which didn’t state whether the agreement included any conditions for removal. The parties involved are negotiating over specific terms and will file a separate joint proposal before May 20.