White House Refining Executive Order Banning American Companies From Investing In Chinese Firms Developing Sensitive Technologies

President Joe Biden President Obama is set to sign an executive order prohibiting American citizens companies You can invest in Chinese Firms involved in developing sensitive products Technologies.

The nation’s leadership has grown increasingly concerned over Chinese aggression after a spy balloon Traversed The country was closed last week. According to a, the White House has almost completed preparations for an executive decision that would prohibit American funds from supporting the development of Chinese advanced semiconductors and quantum computing. Report The New York Times.

Biden Administration officials, including Treasury Secretary Janet Yellen spent months contacting thought tanks and industry leaders in order to forecast the economic impact of the executive orders. Report Axios publication last month. Although officials are concerned about Chinese misuse of biotechnology, this sector would be tentatively omitted from an executive order that also includes battery technology.

Republican and Democratic legislators threatened last week to impose investment restrictions on their own if they did not receive a White House response.

In recent months, regulators have taken steps to limit the degree to which American and Chinese technology interests are intertwined. The final rule Publiziert The Federal Communications Commission also prohibited Huawei, ZTE and Hikvision from importing or selling certain technologies that could pose a threat to national security last year. The new rule, however, does not apply to products currently within the nation’s borders.

Trade restrictions between the United States and China are perennially inhibited by the magnitude of the two nations’ economic interdependence. According to the United States, China was the largest supplier to the United States of goods in 2020. Data The Office of the United States Trade Representative reported that China was the third largest market for the United States’ goods exports. In 2020, American companies owned $124 billion worth of Chinese stocks while Chinese firms had $38 trillion in American stocks.

Several investors and industry leaders have voiced their concerns to senior officials. General Atlantic CEO Bill Ford met with Gina Raimondo from Commerce to discuss his concerns. Since 2000, $7 billion has been invested in China by the private equity company.

According to reports, the White House waited to release the executive orders until Secretary of State Antony Blinken returned home from his planned diplomatic trip to China. Official Cancelled Public consciousness was brought to the mission by the Chinese surveillance ballon.

The vessel Been there. Over Montana, where are several military bases and missile silos. The object then moved through the country, before being shot down by a fighter jet off the coast of North Carolina. Federal officials have previously Investigated Chinese technology company Huawei over the possibility that cell towers in Montana using the firm’s devices transmit military data to the communist nation.

Lawmakers and regulators at the state and federal levels have also voiced concerns over TikTok, the social media platform created by Chinese technology firm ByteDance, and the company’s efforts to gather sensitive information from consumers. Biden recently Signed TikTok was banned by legislation from all devices owned federally; the platform had been previously blocked from devices in several states including North Dakota and Alabama.