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.
Joe Biden Bans Investment in Dozens of Chinese Firms
Chinese investors shrugged off the list, with most of the stocks named, including newly-added ones, making gains on Friday morning.
FILE PHOTO: U.S. President Joe Biden delivers remarks on the U.S. economy in the East Room at the White House in Washington, U.S., May 10, 2021. REUTERS/Kevin Lamarque/File Photo
World4 hours ago
Washington: President Joe Biden signed an executive order on Thursday that bans US entities from investing in dozens of Chinese companies with alleged ties to defence or surveillance technology sectors, a move his administration says expands the scope of a legally flawed Trump-era order.
Biden strikes another blow at Beijing with new executive order that nearly doubles the number of Chinese companies US investors can t buy stock in
Biden signed executive order that bans US companies from investing in Chinese businesses with alleged ties to defense or selling surveillance technology
Order came because of the unusual and extraordinary threats posed by Chinese spy technology on democracy
Biden has attacked authoritarian regimes such as China and Russia
China reacted with fury as order further strains US relations with Beijing The U.S. government is stretching the concept of national security, abusing national power and using every possible means to suppress and restrict Chinese enterprises, a spokesman for Chinese government said
The Pentagon on Friday released a list of 47 Chinese military-linked companies operating in the United States as part of American efforts to thwart Beijing's military-civilian technology "fusion" program.