Xiaomi and other Chinese companies slapped with US restrictions as Trump's term winds down

The Trump administration is inflicting even more damage on Chinese businesses — including smartphone maker Xiaomi — with just days to go before President-elect Joe Biden takes office.

The US Defense Department on Thursday added nine Chinese firms, including Xiaomi, to a list of companies the agency claims are owned or controlled by China's military. Businesses on the list are subject to harsh restrictions, including a ban on American investment.