Biden blacklisted Huawei and 58 other Chinese companies

Biden blacklisted Huawei and 58 other Chinese companies

Americans were banned from investing in manufacturers of telecommunications equipment and aircraft, as well as construction companies in China

US President Joe Biden has signed an executive order banning Americans from investing in nearly 60 Chinese companies that “undermine US security.” Huawei Technologies Co, which is suspected of working for the Chinese government, is also expected to be on the blacklist.

The corresponding message is published on the website of the White House.

“This executive order will allow the United States to prohibit investment in Chinese companies that undermine the security and democratic values of the United States and our allies,” the statement said.

In addition to Huawei, 58 other Chinese companies were blacklisted, including both telecommunications and aircraft manufacturers and construction corporations.

The ban will take effect on August 2, 2021.

“This executive order prohibits the support of the Chinese defense sector with American investments and expands the ability of the US government to respond to threats from Chinese companies in the field of surveillance technology,” the statement also said.

Recall that in May 2019, then-US President Donald Trump signed a decree on the introduction of a state of emergency in the country to protect the information and communication infrastructure, allowing a ban on commercial transactions that, according to the US administration, pose a threat to the security of the country.

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