US President Joe Biden banned US entities from investing in 59 more Chinese companies with supposed ties to the defense or surveillance technology sectors via an executive order signed on Thursday, reports Reuters. The order widens the scope of a legally flawed order put in place during the Trump administration.
The new ban list, enforced and updated by the Treasury Department, will be maintained on a “rolling basis.” The list bars buying or selling publicly traded securities in target companies, and replaces an earlier list from the Department of Defense, senior administration officials told Reuters.
The order prevents US investment from supporting the Chinese military-industrial complex, as well as military, intelligence, and security research and development programs, Biden said in the order.