On Wednesday, US President Joe Biden issued an executive order that limits some US investments in delicate high-tech fields in China. This move is thought to have the potential to aggravate tensions between the top two economies in the world.
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Washington wants to restrict access to important technology, so the long-awaited regulations, which are anticipated to go into force next year, target industries like semiconductors and artificial intelligence.
In a letter to congressional leaders announcing the executive order, Biden stated that “the United States’ commitment to opening up investment is a cornerstone of our economic policy and provides substantial benefits to the United States.”
Treasury Department officials say the program will restrict new investments in advanced semiconductors and certain quantum information technologies in China through private equity, venture capital, and joint ventures.