US President Joe Biden is set to ban Americans from investing in dozens of Chinese tech and defence firms with alleged military ties. The new executive order will come into effect on 2nd August. It will hit 59 firms including communications giant Huawei. The list of firms will be updated on a rolling basis.The move expands an order previously issued by former President Donald Trump.
Under the new order, US investors will be banned from buying or selling publicly-traded securities for other companies including the China General Nuclear Power Corporation, China Mobile Limited and Costar Group.
The China-US relationship is crucial to both sides and the wider world, with Beijing repeatedly calling on the new administration in Washington to improve relations which deteriorated under predecessor Donald Trump.