US President Joe Biden on Thursday signed an order to amend a ban on US investment in Chinese companies begun under former US president Donald Trump, naming 59 firms with ties to China’s military or in the surveillance industry, including Huawei Technologies Co (華為) and the country’s three biggest telecommunications firms.
The ban on new investments is to take effect on Aug. 2 at 12:01am in New York, said administration officials, who briefed reporters on condition of anonymity.
Investors will have one year to fully divest, the officials said.
Biden’s order is largely a continuation of a policy issued by Trump. Biden’s position
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WASHINGTON The Biden administration is expanding a Trump-era order that banned U.S. investment in Chinese companies that it said support China s military to include those selling surveillance technology, calling the entities a threat to U.S. interests and values.
A new executive order Thursday broadens prohibitions that the Trump administration enacted and moves authority for the ban to the Treasury Department, from the Defense Department, to give it stronger legal grounding, senior administration officials said. They spoke on the condition of anonymity to preview the order before its release.
The new order prevents U.S. investment from supporting the Chinese defense sector, while also expanding the U.S. government s ability to address the threat of Chinese surveillance technology firms that contribute both inside and outside China to the surveillance of religious or ethnic minorities or otherwise facilitate repression and serious human rights abuses, the administra