President Joe Biden at this point in time is focusing on new intentions for his administration. The President plans to overhaul a list of the Chinese firms that US investors are allowed to own shares in, this week. He is on the verge of re-evaluating the world powers after attaining office from Donald Trump. He will evaluate the relationships Trump had with China while maintaining pressure on Beijing.
What does the list of Trump’s administration include?
There is a list of industries that were prohibited by former President Donald Trump. Trump prohibited the Americans from buying shares in 31 Chinese companies that were to be supplying for China’s military and security services.
Companies like major Telecoms, constructions, and technology firms were prohibited by Donald Trump. These firms included China Mobile, China Telecom, video surveillance firm Hikvision and China Railway Construction Corp. This list was among a series of measures which was taken by the White House claiming to quell the Asian Giant’s raise.
Joe Biden’s new Order
Firstly, Biden’s administration will have the Treasury department create a list of firms that will have to pay financial penalties for their links with China’s defense and surveillance technology. As reported President Joe Biden will be signing the order this week.
Under Biden’s administration previously, the sanctions and choices of target regarding this issue was the responsibility of a congressionally mandated Defense Department report. With the new intentions Biden said that the order should be legally watertight and sustainable. This happened after two Chinese companies had successfully challenged the order in court.
Biden’s administration claims that the President will keep a strict line on a huge amount of issues which include defense and technology. Although he has stated that he will rather take a more diplomatic line with China. The list is to be kept largely intact simultaneously the Treasury Department of foreign assets control will add new firms to the list after consulting with Defense and State.
It is quite evident that China has rare cross-party support at the Capitol who is urging the Biden administration to provide a new list. Some Republican Senators alongside Democrat Senators have said that “The US government must continue to act boldly in blocking the Chinese Communist Party’s economic predation against our industrial base.”
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