The expected action is the latest effort by the White House to target China’s military and technology sectors at a time of increasingly fraught relations between the world’s two biggest economies.
In October, the Biden administrationto limit China’s ability to access advanced chips, which it says can be used to make weapons, commit human rights abuses and improve the speed and accuracy of its military logistics.
Meanwhile, China last week blasted the new House Select Committee on the Chinese Communist Party after it held its first hearing on countering Beijing’s influence. Foreign Ministry spokesperson Mao Ning demanded its members “discard their ideological bias and zero-sum Cold War mentality”. The agencies said they expected to seek additional money for the investment screening program in the White House budget, which is scheduled to be released on March 9, according to theA White House National Security Council spokesperson declined to comment on the Treasury and Commerce reports, but noted administration officials have kept Congress apprised on its progress in crafting an approach to overseas investment.The expected action is certain to face pushback from US firms.
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