Joe Biden has signed an executive order that bans Americans from investing in a number of Chinese companies with alleged ties to defense or surveillan

Biden sanctions Chinese companies as Beijing says ‘normal communication’ resumed

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2021-06-04 20:00:09

Joe Biden has signed an executive order that bans Americans from investing in a number of Chinese companies with alleged ties to defense or surveillance technology sectors, in a move that analysts said would further complicate Washington’s trade relationship with Beijing.

The US administration said it will expand the scope of a legally flawed Trump-era order, the US treasury will enforce and update on a “rolling basis” the new ban list of about 59 companies.

Beijing has condemned the move on Friday, accusing Washington of “overextending the concept of national security and abusing its national power”. “China urges the US to respect market rules and principles and rescind the so-called list that suppresses Chinese companies,” said Wang Wenbin, the foreign ministry spokesperson.

Washington’s latest move came on the same day that China’s commerce ministry said the two countries have resumed “normal communication”, following recent high-level meetings between the two countries’ trade and financial officials.

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