US president Joe Biden has issued an executive order that bars US securities investment in 57 Chinese companies with defence ties, with airframer AVIC featuring prominently on the list.
Read more about Biden blocks 59 Chinese companies including Huawei in amended Trump order on Business Standard. Biden s position on Trump s order has been closely watched by Wall Street and Capitol Hill.
The ban on new investments will take effect Aug. 2 at 12:01 a.m. in New York, according to administration officials who briefed reporters on condition of anonymity. Investors will have one year to fully divest.
Biden’s order is largely a continuation of a policy issued by former President Donald Trump that was challenged in court and confused investors over the extent of its reach to subsidiaries of blocked companies. Biden’s position on Trump’s order has been closely watched by Wall Street and Capitol Hill, where lawmakers from both parties have called for a strong stance against China over issues ranging from trade to human rights.