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“It all comes from the top,” Trump Newport Cigarettes Shop said in a series of tweets. He added that China was “desperate” to have former Vice President Joe Biden win the presidential race.
Kennedy told Fox Business on Tuesday that the bill would apply to U.S. exchanges such as Nasdaq and the New York Stock Exchange.
“I would not turn my back on the Chinese Communist Party if they were two days dead,” Kennedy said. “They cheat. And Newport Pleasure I’ve got a bill to stop them from cheating.”
At issue is China’s longstanding refusal to allow the PCAOB to examine audits of firms whose shares trade on the New York Stock Exchange, Nasdaq and other U.S. platforms. The inspections by the little-known agency, which Congress stood up in 2002 in response to the massive Enron Corp. accounting scandal, are meant to prevent fraud and wrongdoing that could wipe out shareholders.
Since then China and the U.S. have been at odds on the issue even as companies including Alibaba and Baidu Newport box 100s menthol cigarettes have raised billions of dollars selling shares in American markets. The long-simmering feud came to the forefront last year as Washington and Beijing clashed over broader trade and economic issues, and some in the White House have been urging Trump to take a harder line on the audit inspections.
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