In a sign of growing strains between the world’s two biggest powers, President Joe Biden planned to sign an executive order Wednesday that would block and regulate high-tech U.S.-based investments going toward China.
with a conflicting set of values. Biden administration officials have insisted that they have no interest in “decoupling” from China, yet the U.S. also has limited the export of advanced computer chips and kept the expanded tariffs set up by President Donald Trump. China has engaged in Biden has suggested that China’s economy is struggling and its global ambitions have been tempered as the U.S. has reenergized its alliances with Japan, South Korea, Australia and the European Union.
The goals of the order would be to have investors notify the U.S. government about certain types of transactions with China as well as to place prohibitions on some investments. Officials said the order is focused on areas such as private equity, venture capital and joint partnerships in which the investments could possibly give countries of concern such as China additional knowledge and military capabilities.
The issue is also a bipartisan priority. In July by a vote of 91-6, the Senate added as an amendment to the National Defense Authorization Act requirements to monitor and limit investments in countries of concern, including China. China has supported Russia after its 2022 invasion of Ukraine, though Biden has noted that the friendship has not extended to the shipment of weapons.
“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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