Biden Blocks 59 Chinese Companies in Amended Trump Order
Bloomberg 2 hrs ago Jennifer Jacobs
(Bloomberg) President Joe Biden signed an order Thursday amending a ban on U.S. investment in Chinese companies begun under his predecessor, naming 59 firms with ties to China’s military or in the surveillance industry, including Huawei Technologies Co. and the country’s three biggest telecommunications companies.
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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
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ANALYSIS/OPINION:
Most Americans would be shocked and angered to learn that the same Chinese companies currently building weapons to threaten U.S. troops are also simultaneously raising money in U.S. financial markets. And even more disturbing, Wall Street continues to help the Chinese Communist Party access U.S. financial markets and exploit unwitting American investors.
In late 2020, President Trump became the first U.S. president to take action against China’s duplicitous use of America’s stock markets. Specifically, Mr. Trump issued an executive order that established new rules to prevent the CCP and Wall Street from using America’s capital markets to fund Chinese military companies.
Tax Day, Bill Gates appearance and Walmart, Target earnings top week ahead
Fox Business 1 hr ago Lucas Manfredi
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It will also be a busy week for the Biden administration, as the president is set to visit Ford s Rogue Electric Vehicle center on Tuesday and meet with South Korea s president Moon Jae-in on Friday. This as Commerce Secretary Gina Raimondo will also meet with auto industry leaders regarding the ongoing semiconductor shortage.
U.S. stocks rallied Friday but still posted a down week even as investors celebrated the Centers for Disease Control and Prevention s latest easing of COVID-19 mask restrictions and shrugged off the biggest annual increase in producer prices on record.
China slams US plan to expel phone carriers in tech clash 680news.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from 680news.com Daily Mail and Mail on Sunday newspapers.