Trump bolsters ban on U.S. investments in China
WASHINGTON (Reuters) – President Donald Trump has signed an order strengthening a November ban on U.S. investments in alleged Chinese military companies, the White House said on Wednesday, curbing Chinese access to U.S. capital markets days before he leaves office.
Under the amended directive, by Nov. 11, 2021, U.S. investors will be required to have completely divested their holdings of securities of companies designated by the Defense Department as owned or controlled by the Chinese military.
The change expands the scope of the initial November executive order, which initially only restricted U.S. investors from buying those securities by that date. Reuters had previously reported that the change was under consideration.
“Today’s executive order ensures that the United States retains a key tool to protect U.S. investors from funding Chinese military modernization,” a senior administration official told Reuters.
The executive order is part of Trump’s bid to cement his tough-on-China legacy in the waning days of his Presidency. It also sought to give teeth to a 1999 law that tasked the Defense Department with drafting a list of Chinese companies it believes are owned or controlled by the Chinese military.
Among the 35 companies that the DOD has blacklisted so far are China’s top chipmaker SMIC and oil giant CNOOC. But Reuters and other outlets reported earlier on Wednesday the administration had scrapped plans to blacklist tech giants Alibaba, Baidu and Tencent.
The Chinese Embassy in Washington did not immediately respond to a request for comment.
(Reporting by Humeyra Pamuk and Alexandra Alper; Editing by Kim Coghill and Michael Perry)
More Top Stories
Guatemalan officials report that some of the migrants in this weekend’s caravan carried fake COVID-19 test results. Others actually tested positive for the potentially deadly …read more
U.S. scientist Dr. Peter Daszak, president of the New York-based EcoHealth Alliance, led an endeavor in February 2020 to stop ideas that the CCP virus …read more
Janet Yellen, U.S. President-elect Joe Biden’s nominee for Treasury Secretary, urged lawmakers on Tuesday to “act big” on the next coronavirus relief package, adding that …read more
President Donald Trump ordered that more documents from Operation Crossfire Hurricane be declassified Tuesday, in his final hours as president.read more
Lion King ends with lions rising up and overthrowing evil.read more
U.S. stock index futures climbed on Tuesday as investors anticipated U.S. Treasury Secretary nominee Janet Yellen to make the case for a big fiscal relief …read more