President Joe Biden has added fuel to the fire of an ongoing dispute between the United States and China. In a new executive order, he banned investments in 59 Chinese companies, including Huawei. This order will be effective from August 2.
As a result of the new order, no individual or organization in the United States can invest in Chinese companies. The sanctions were imposed on allegations that the companies were affiliated with the Chinese Communist Party.
Along with Huawei, the long list also includes chip maker SMIC, telecom operator China Mobile, video security company Hickvision and Chinese defense sector company Plethora. A U.S. official confirmed that more Chinese companies could be added to the list next month.
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