In Trump’s Footsteps: US President Joe Biden Banned Americans From Investing In Huawei And 58 Chinese Companies

The new US president Joe Biden issued a decree, which prohibits States citizens to invest in Chinese companies from the ” blacklist “.

What does it mean?

In total, the list includes 59 companies from China, including Huawei. These are the companies that are suspected of having ties to the Communist Party. Incidentally, chipmaker SMIC, telecom operator China Mobile, video surveillance company Hikvision, and many Chinese defense companies have joined Huawei.

“ I believe that the use of Chinese surveillance technology outside the PRC (People’s Republic of China) and the development or use of Chinese surveillance technology to facilitate repression or serious human rights violations constitute an unusual and extreme threat, originating in whole or in part outside the United States, in the interests of national security, foreign policy, and the US economy, and I hereby expand the scope of a state of emergency in the country, declared in Executive Order 13959, to eliminate these threats “, – said in a statement, Joe Biden.

US investment companies and individuals are allowed to withdraw any funds from recently banned companies for one year. The decree will enter into force on August 2.

In fact, these bans have already been introduced by the US Department of Defense and do not bring anything new. But from this, it follows that Joe Biden intends to follow the path of his predecessor Donald Trump and is not going to soften the imposed sanctions. Therefore, Huawei’s leadership should not wait for any softening.

Source: THE WHITE HOUSE

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