President Joe Biden on Wednesday signed an executive order barring U.S. investments in certain tech sectors of China, confirming months of rumors that Washington would ramp up efforts to squeeze China’s tech industry amid growing concerns over Beijing’s military ambitions.
The order authorizes the U.S. Secretary of the Treasury to restrict U.S. investment in three critical categories of Chinese companies: semiconductors and microelectronics, quantum computing, and artificial intelligence that is critical for the military, intelligence, surveillance, or cyber-enabled capabilities as determined by the Secretary in consultation with the Secretary of Commerce and other relevant agencies.
The measure is expected to take effect next year, according to The Washington Post. It also applies to companies in Hong Kong.
“Advancements in sensitive technologies and products in these sectors will accelerate the development of advanced computational capabilities that will enable new applications that po …
