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Biden bans US investment in 59 Chinese companies

US President Joe Biden addressing the 100th Anniversary of the Tulsa Race Massacre at the Greenwood Cultural Center in Tulsa, Oklahoma, June 1, 2021.

Mandel Ngan | AFP | Getty Images

President Joe Biden On Thursday, we increased restrictions on US investment in certain Chinese companies suspected of being linked to China’s military and surveillance activities, adding more companies to the expanding blacklist.

Biden has banned US investors from investing in 59 Chinese companies in a presidential decree, fearing a link to the Chinese government’s geopolitical ambitions.

“This EO allows the United States to ban US investment in Chinese companies that undermine the security and democratic value of the United States and its allies in a targeted manner.” The White House said In a press release.

The bill “prohibits support for China’s defense sector in US dollars, while threatening Chinese surveillance tech companies that contribute to the surveillance of religions and ethnic minorities inside and outside China and encourage repression. It also expands the US government’s ability to deal with it and is a serious violation of human rights, “the administration added.

Among the 59 banned companies are China’s Aero Engine, Aerosani, Fujian Torch Electron Technology and Huawei Technologies.

The ban will come into effect on August 2, 12:01 am EST.

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The move is one of the most powerful to date against top U.S. rivals, and the Biden administration has adopted many of the tactics that the Trump administration has used independently to stay competitive with China. Another sign that we have the potential to move forward.

Mr Biden and his economic adviser must also decide what to do with the high tariffs and whether to tighten sanctions on Chinese authorities involved in the mass detention of mainly Muslim minorities in the Xinjiang Uygur Autonomous Region. Don’t.

A representative of the Chinese Foreign Ministry disputed the Biden administration’s move and told reporters that the Trump administration’s original orders were executed “ignoring the facts altogether.”

“The United States should respect the rule of law and the market, correct its mistakes, and stop actions that undermine global financial market order and the legitimate rights and interests of investors,” W Wen bin said in Beijing. I told reporters.

A previous order from the Trump administration created a list of 48 companies.

Biden bans US investment in 59 Chinese companies

Source link Biden bans US investment in 59 Chinese companies

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