White House Refining Executive Order Banning American Companies From Investing In Key Chinese Sectors | Eastern North Carolina Now

    Publisher's Note: This post appears here courtesy of the The Daily Wire. The author of this post is Ben Zeisloft.

    President Joe Biden is poised to sign an executive order that would prohibit American companies from investing in Chinese firms involved with developing sensitive technologies.

    The nation's leadership has grown increasingly concerned over Chinese aggression after a spy balloon traversed the country last week. The White House has largely finished preparations for an executive order that would ban American funds from enabling the development of Chinese advanced semiconductors, quantum computing, artificial intelligence, and other technologies with surveillance and military applications, according to a report from The New York Times.

    Biden administration officials, including Treasury Secretary Janet Yellen, have spent months contacting industry leaders and think tanks to aid with forecasting the economic implications of the executive order, according to a report from Axios released last month. Although many officials are worried about the Chinese abuse of biotechnology, the sector would tentatively be omitted from the executive order along with battery technology.

    Republican and Democratic lawmakers threatened last week to issue investment restrictions of their own if the White House did not move forward with their plans.

    Regulators have already moved in recent months to limit the extent to which American and Chinese technology interests are intertwined. A final rule published last year by the Federal Communications Commission likewise prohibited Huawei, ZTE, Hikvision, and Dahua from importing and selling certain technologies considered a potential threat to national security. The new rule, however, does not apply to products currently within the nation's borders.

    Trade restrictions between the United States and China are perennially inhibited by the magnitude of the two nations' economic interdependence. China was the largest supplier of goods imports to the United States in 2020, according to data from the Office of the United States Trade Representative, while China was the third largest goods export market for the United States. With respect to foreign direct investment, American companies held $124 billion in Chinese stocks as of 2020, while Chinese firms held $38 billion in American stocks.

    Some industry leaders and investors have raised their concerns directly with senior administration officials. General Atlantic CEO Bill Ford has discussed his views with Commerce Secretary Gina Raimondo; the private equity firm has invested $7 billion in China since 2000.

    The White House had reportedly been waiting to release the executive order until Secretary of State Antony Blinken returned from his scheduled diplomatic trip to China. The official canceled the mission after the Chinese surveillance balloon came to public consciousness.

    The vessel traveled over Montana, the location of several military bases and missile silos, and then moved across the country before a fighter jet shot the object down off the coast of the Carolinas. Federal officials previously investigated Chinese technology company Huawei over the possibility that cell towers in Montana using the firm's devices transmit military data to the communist nation.

    Lawmakers and regulators at the state and federal levels have also voiced concerns over TikTok, the social media platform created by Chinese technology firm ByteDance, and the company's efforts to gather sensitive information from consumers. Biden recently signed legislation banning TikTok from all devices owned by the federal government; several states, including Nebraska, Alabama, and North Dakota, had previously banned the platform from government devices.

poll#174

Among the many other lackluster performance standards by the Biden Administration - the most recent, allowing the Chinese Spy Balloon unfettered access to the skies above this Sovereign Republic - Joe Biden's foreign policy is considered by most true experts to be mediocre to abysmal at best. If one were to give a fair assessment of the quality of this apex duty of this Executive Branch: What would be your opinion of the Biden Administration's Foreign Policy initiatives and, or obvious faux pas?

  President Biden is a Foreign Policy expert of consummate skill just like his brother, Jim, and his son, Hunter.

  America's First Idiot President is corruptly committed to making the World far less safe, while surrendering OUR United States of America's sovereignty whenever, wherever possible.

  Mr. Biden is MY President because I pay close attention to only what rewards me, thus demanding as little sacrifice as is my nature to offer, or shrug.

239 total vote(s)     What's your Opinion?

poll#173

In the face of a known scandal finally being revealed by the corrupt Legacy Media regarding Joe Biden, his Mishandling of Classified Documents and his long history of Influence Peddling to our Foreign Adversaries for Personal and Familial Profit: What do you believe the outcome will be in America's Leftist practice of a Two Tiered Justice System?

  Nothing will happen since the Democratic Socialist Left is corrupt to the core, and their non patriot ambitions are only the control of power.

  Justice WILL be served, but NOT without a tremendous fight by those willing to save the Republic.

  Why can't everyone else understand that the Left is special because we care so much for our own, especially the well being of the president and his family, especially Hunter.

  What difference does it make; I am a product of a failed public education system.

469 total vote(s)     What's your Opinion?