Biden issues an executive order restricting U.S. investments in Chinese technology
Senior administration officials said that the effort stemmed from national security goals, rather than economic interests and that the categories it covered were narrow in scope. The order seeks to blunt China's ability to use U.S. investments in its technology companies to upgrade its military while also preserving broader levels of trade that are vital for both nations' economies.
“Worry about China, but don’t worry about China,” Biden told donors at a June fundraising event in California. Biden has called Chinese President Xi Jinping a “dictator” in the aftermath of the U.S. shooting down a spy balloon from China that floated over the United States. Taiwan's status has been a source of tension, with Biden saying that China had become coercive regarding its independence.
“The message it sends to the market may be far more decisive,” said Elaine Dezenski, a senior director at the Foundation for Defense of Democracies."U.S. and multinational companies are already reexamining the risks of investing in China. Beijing’s so-called ‘national security’ and ‘anti-espionage’ laws that curb routine and necessary corporate due diligence and compliance were already having a chilling effect on U.S. foreign direct investment.
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