Biden prohibits U.S. investment in only 59 Chinese companies?

 

Biden prohibits U.S. investment in 59 Chinese companies allegedly tied to military, surveillance

 

Why the wait until August 2nd?

Biden prohibits U.S. investment in 59 Chinese companies (cnbc.com)

Until the 1980’s China was a 3rd world country running a number of cheap sweat-shops and a poor country at that!

How much China's economy has grown over the last 70 years (cnbc.com)

Thanks to our government, millionaires and billionaires at that (1970's 1980's), time this country got poorer and countries like Australia, China, Japan, South Korea, Vietnam, India, and Taiwan, got richer because Reagan and Nixon outsourcing our work to other countries and allow themselves to get richer!

70 Years of China’s Economic Growth In One Chart (visualcapitalist.com)

Now; we are quickly falling behind other countries like Australia, China, Japan, South Korea, Vietnam, India, and Taiwan, for the richest!

PUBLISHED THU, JUN 3 20213:54 PM EDTUPDATED 5 HOURS AGO

President Joe Biden on Thursday expanded restrictions on American investments in certain Chinese companies with alleged ties to the country’s military and surveillance efforts.

Biden barred U.S. investors from financial interests in 59 Chinese companies, continuing some portions of the tough tack trump took with Beijing.

Among the 59 companies barred are Aero Engine Corp. of China, Aerosun Corp., Fujian Torch Electron Technology and Huawei Technologies.

The prohibitions take effect at 12:01 a.m. ET on Aug. 2.

“This E.O. allows the United States to prohibit – in a targeted and scoped manner – U.S. investments in Chinese companies that undermine the security or democratic values of the United States and our allies,” the White House said in a press release.

The measure bars U.S. dollars from supporting the “Chinese defense sector, while also expanding the U.S. Government’s ability to address the threat of Chinese surveillance technology firms that contribute — both inside and outside China — to the surveillance of religious or ethnic minorities or otherwise facilitate repression and serious human rights abuses,” the administration added.

Among the 59 companies barred are Aero Engine Corp. of China, Aerosun Corp., Fujian Torch Electron Technology and Huawei Technologies.

The prohibitions take effect at 12:01 a.m. ET on Aug. 2.