Biden expands Trump's list of Chinese companies banned from US investment By Jill Disis and Kyle Blaine, Business Updated 1031 GMT (1831 HKT) June 4, 2021 China lays out its 5-year tech master plan IAG CEO: It doesn't make sense not to open US to UK corridor FaceTime. IDs. Do Not Disturb. See Apple's latest updates Here's what Bezos' trip to space will look like Here's what it's like to house hunt in one of the craziest markets in the country Hong Kong / Washington, D.C. ( Business)President Joe Biden has expanded a Trump-era ban on American investment in dozens of Chinese firms that Washington believes are linked to China's military. Biden signed an executive order Thursday that prohibits Americans from owning or trading any securities tied to 59 companies, citing the threat of Chinese surveillance technology. The original order, signed by former President Donald Trump in November, applied to 31 Chinese companies that the administration said "enable the development and modernization" of China's military and "directly threaten" US security. Biden's new order goes into effect on August 2. The Biden announcement largely continues the campaign his predecessor had started against Chinese tech and other businesses. Biden's trade chief holds 'candid' talks with China as tensions grow Many companies that were on Trump's list — including smartphone maker Huawei and Hikvision, a major manufacturer and suppliers of video surveillance equipment — remain on this one. Some of the country's biggest telecommunications companies, including China Mobile, China Telecommunications and China Unicom, are also still banned. The decision to expand the scope of the order is due to the "unusual and extraordinary threats" posed by Chinese surveillance technology, according to the White House, which added that the decision "allows the United States to prohibit — in a targeted and scoped manner — US investments in Chinese companies that undermine the security or democratic values of the United States and our allies." China condemned the move at a press briefing on Friday, and said that the US has "unscrupulously suppressed and restricted Chinese companies." China "firmly opposes" Washington's move
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