Beijing is preparing a blacklist for foreign companies as trade tensions with the United States continue to escalate.

The Chinese government is working to establish an "unreliable entity list" which would include foreign companies, individuals and organizations, according to a statement Friday from China's Commerce Ministry.

Companies that violate market rules will be added to the list, according to the statement. Other targets include firms that block supplies to Chinese companies for "non-commercial reasons" or otherwise damage their interests.

The exact details of the plan will be announced soon, the statement added.

The move to establish a blacklist comes after the United States hit Huawei with an export ban, effectively barring US companies from doing business with the smartphone and telecom equipment maker.

The Trump administration claims that Huawei equipment poses a threat to national security. Huawei has repeatedly denied that it poses a risk, saying the restrictions are an attempt to put it out of business .