President Biden has signed an executive order that expands a Trump-era ban on US investment in dozens of Chinese companies with alleged ties to defense or surveillance technology sectors, citing “unusual and extraordinary threats.”
The White House said in a statement that the order will “ensure that U.S. investments are not supporting Chinese companies that undermine the security or values of the United States and our allies.”
China urged the US to respect market law and principle and withdraw the investment ban list, foreign ministry spokesman Wang Wenbin said in a news briefing.
The Treasury Department will enforce and update on a “rolling basis” the new list of about 59 firms that bars buying or selling publicly traded securities in target companies — and replaces an earlier list from the Department of Defense.
Huawei was added to the Defense Department’s list as a company to monitor amid surveillance and human rights issues.AFP /AFP via Getty Images
The Biden administration