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Biden has been busy undoing Trump’s accomplishments via executive orders since he took office, but his latest order actually expands a Trump-era ban on American investment in dozens of Chinese firms.
“Biden signed an executive order Thursday that prohibits Americans from owning or trading any securities tied to 59 companies, citing the threat of Chinese surveillance technology” reports CNN. Originally signed by former President Donald Trump in November, the ban applied to 31 Chinese companies the Trump administration said “enable the development and modernization” of China’s military and “directly threaten” U.S. security.
Biden’s continuation of Trump’s campaign to protect against Chinese tech and other companies goes into effect on August 2. According to the White House, the administration’s decision to expand the ban is due to the “unusual and extraordinary threats” posed by Chinese surveillance technology.
The decision “allows the United States to prohibit – in a targeted and scoped manner – US investments in Chinese companies that undermine the security or democratic values of the United States and our allies” according to the White House.
How far Biden has come since only one short year ago on the campaign trail when he continuously downplayed the threat of China. Amongst Biden’s flippant comments were “I mean, you know, they’re not bad folks. But guess what? They’re not competition for us” and dismissively saying, “China is going to eat our lunch? Come on, man.”
In a press briefing Friday, China condemned the White House’s executive order stating the U.S. has “unscrupulously suppressed and restricted Chinese companies.” Wang Wenbin, spokesperson for China’s Ministry of Foreign Affairs said China “firmly opposes” the move and that it hurts “not only the legitimate rights and interests of Chinese companies but also the interests of global investors, including US investors.”
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Biden has been busy undoing Trump’s accomplishments via executive orders since he took office, but his latest order actually expands a Trump-era ban on American investment in dozens of Chinese firms.
“Biden signed an executive order Thursday that prohibits Americans from owning or trading any securities tied to 59 companies, citing the threat of Chinese surveillance technology” reports CNN. Originally signed by former President Donald Trump in November, the ban applied to 31 Chinese companies the Trump administration said “enable the development and modernization” of China’s military and “directly threaten” U.S. security.
Biden’s continuation of Trump’s campaign to protect against Chinese tech and other companies goes into effect on August 2. According to the White House, the administration’s decision to expand the ban is due to the “unusual and extraordinary threats” posed by Chinese surveillance technology.
The decision “allows the United States to prohibit – in a targeted and scoped manner – US investments in Chinese companies that undermine the security or democratic values of the United States and our allies” according to the White House.
How far Biden has come since only one short year ago on the campaign trail when he continuously downplayed the threat of China. Amongst Biden’s flippant comments were “I mean, you know, they’re not bad folks. But guess what? They’re not competition for us” and dismissively saying, “China is going to eat our lunch? Come on, man.”
In a press briefing Friday, China condemned the White House’s executive order stating the U.S. has “unscrupulously suppressed and restricted Chinese companies.” Wang Wenbin, spokesperson for China’s Ministry of Foreign Affairs said China “firmly opposes” the move and that it hurts “not only the legitimate rights and interests of Chinese companies but also the interests of global investors, including US investors.”