May 14, 2020 / 3:55 PM / 18 days ago

Demanding accounting standards could push Chinese companies out of U.S. exchanges: Trump

FILE PHOTO: U.S. President Donald Trump departs on travel to the Camp David presidential retreat from the South Lawn at the White House in Washington, U.S., May 1, 2020. REUTERS/Carlos Barria

NEW YORK (Reuters) - U.S. President Donald Trump said in an interview with Fox Business News that forcing Chinese companies to follow U.S. accounting norms would likely push them to list in non-U.S. exchanges.

In the interview, recorded Wednesday and aired on Thursday, the President said his administration was looking at the accounting issue “very strongly” while also bringing up what he called a “problem.”

“Let’s say we do that, right?” Trump said of requiring the companies to use U.S. accounting standards.

“So what are they going to do? They’re going to move their listing to London or someplace else,” he said.

The issue comes after an independent board charged with overseeing billions in federal retirement dollars was pressured by the White House to indefinitely delay plans to invest in an international stock index that includes some Chinese companies.

Reporting by Rodrigo Campos; Editing by Chizu Nomiyama

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