President Joe Biden has signed an executive order that will limit certain types of foreign investment in the country, especially in leading-edge technologies, while also requiring disclosure of other investments. The White House says the move is about protecting national security.
The move is designed to address the national security threat posed by “countries of concern” that could develop advanced technology to use for nefarious military, intelligence, or surveillance purposes.
“The Biden-Harris administration is committed to keeping America safe and defending America’s national security by protecting technologies that are critical to the next generation of military innovation,” the administration said in a press release.
Cross-border investment is important to the U.S. economy, the release added, saying the order is “narrowly targeted” to protect national security.
The news comes after Treasury Secretary Janet Yellen visited China in July and criticized the country for its punitive measures taken against foreign firms, especially those from the U.S.
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