(CNN)President Joe Biden signed an executive order Thursday banning Americans from investing in 59 Chinese firms believed to be linked to China’s military, expanding an earlier Trump administration order.
The original order, signed by President Donald Trump in November, applied to 31 Chinese companies that the administration said “enable the development and modernization” of China’s military and “directly threaten” US security.Biden’s order expanded the scope of the ban to include 59 companies, citing the threat of Chinese surveillance technology. The order goes into effect on August 2.
Many of the country’s biggest telecommunications companies, including China Mobile, China Telecommunications and China Unicom, remain on the blacklist. Smartphone maker Huawei and Hikvision, a major manufacturer and suppliers of video surveillance equipment, also remain on the list.
Source: edition.cnn.com