US expands Trump’s China ban

US expands Trump’s China ban
Business news |
US President Joe Biden is set to ban investment in dozens of Chinese technology firms having expanded the list first drawn up under his predecessor.
By Nick Flaherty

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US President Joe Biden has signed an executive order due to come into force on August 2, that lists 59 companies, up from 44 on a previous Pentagon list. It still includes communications giant Huawei and foundry Semiconductor Manufacturing International Corp (SMIC).

Under the terms of the order US citizens are banned from buying or selling publicly-traded securities and it is being done to deny support to China’s military-industrial complex. However, many of those included in the previous list have protested that they do not supply the Chinese military.

Huawei, formerly the world’s largest communications infrastructure company, has suffered greatly under US-imposed component supply and investment embargoes. Huawei has gone from being the largest mobile phone supplier – ahead of Samsung and Apple – to the fourth-ranked.

The Chinese government had previously said it would retaliate if there was any expansion of the list. Chinese Foreign Ministry spokesman Wang Wenbin on Friday called on the US to rescind the ban.

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