Late on Wednesday, the US President, Joe Biden signed the long-awaited executive order allowing the US Treasury Department to prohibit or restrict certain US investments in Chinese entitiesaccording to Reuters.
The three technology sectors mentioned in the executive order are the semiconductors and microelectronicsthe quantum information technologies and certain Artificial Intelligence (AI) systems.
The news also cites that the US president has declared a national emergency to deal with countries like China “in sensitive technologies and products critical to military, intelligence, surveillance or cyber capabilities.”
It should be noted that the bill was amended to ease restrictions on Chinese tech companies based on profit generation. Earlier, Bloomberg broke the news suggesting the difficulties of only listing Chinese companies that derive more than 50% of their profits from sectors such as quantum computing and artificial intelligence (AI).
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
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