The U.S. Treasury Department is updating a government list of Chinese companies and entities with alleged ties to defense or surveillance technology sectors, making them subject to a U.S. investment ban.
Joe Biden Announces Ban On U.S Investments In 59 Chinese Companies With Either Links To PRC Military Or Selling Surveillance Tech swarajyamag.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from swarajyamag.com Daily Mail and Mail on Sunday newspapers.
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The US government expanded the ban on Americans investing in Chinese companies with purported ties to China’s military to cover companies in the surveillance technology sector, an executive order stated. The blacklist now includes 59 Chinese companies, up from the 48 banned by the previous administration last November.
The new sanctions go into effect on August 2 and Americans already invested in the blacklisted firms, either directly or through other funds, must divest themselves within a year. The US government has also indicated that additional companies may be added to the list in the coming months.
Aimed at surveillance technology firms
Today, President Biden signed an Executive Order (E.O.) to further address the ongoing national emergency declared in E.O. 13959 of November 12, 2020 with respect to the threat posed by the military-industrial complex of the People’s Republic of China (PRC). President Biden also expanded the scope of this national emergency by finding that the use of Chinese surveillance technology outside the PRC, as well as the development or use of Chinese surveillance technology to facilitate repression or serious human rights abuses, constitute unusual and extraordinary threats. This E.O. allows the United States to prohibit – in a targeted and scoped manner – U.S. investments in Chinese companies that undermine the security or democratic values of the United States and our allies.
Joe Biden Extends Donald Trump s Blacklist of Chinese Companies
On 6/3/21 at 3:19 PM EDT
President Joe Biden on Thursday signed an executive order to shore up and extend a ban on United States investments with certain Chinese companies that was first instituted by his predecessor, Donald Trump.
Biden s order blacklists 59 companies tied to the Chinese military-industrial complex and surveillance industry and bars people in the United States from engaging in the purchase or sale with them. It takes effect at 12:01 a.m. (ET) on August 2.
In the order, Biden writes that he has determined that additional steps are necessary to address the national emergency first outlined by the Trump administration, with regards to China.