The ban takes effect on January 11 just days before the end of Donald Trump’s presidency.
Washington:
US President Donald Trump on Thursday signed an order prohibiting Americans from investing in Chinese companies that could aid Beijing’s military and security apparatus.
The executive order says the Chinese government is forcing private companies to support these activities and, through capital markets, “exploits US investors to finance the development and modernization of its military.”
The ban takes effect on January 11 just days before the end of Trump’s presidency and is the latest move in America’s increasingly strained relationship with the Asian power.
Investors have until November 11, 2021 to sell any stake in the banned companies, according to the order.
Trump declared a national emergency saying that US investors are helping China “ to directly threaten the homeland of the United States and American forces abroad, including by developing and deploying weapons of mass destruction, advanced conventional weapons and malicious cybernetic actions against the United States its people. “
The ban targets a list of 31 companies, including telecommunications, aerospace and construction companies, according to press reports.
(Except for the title, this story was not edited by GalacticGaming staff and is posted from a syndicated feed.)
