President Biden on Wednesday signed an excutive order banning American investment in China's high-tech sectors to stunt development of the CCP's military.
President Biden speaks at the Arcosa Wind Towers, Wednesday, Aug. 9, 2023, in Belen, New Mexico. Biden signed an executive order on Wednesday putting new restrictions on U.S. investments in China.
China promised to "resolutely safeguard its own rights and interests," the Ministry of Commerce said in a separate statement, according to the Associated Press. Beijing did not say how China might retaliate. Previous denunciations of U.S. policy by China sounded tough but were not backed by action. China has taken some retaliatory action against the United States. Licensing rules that took effect on Aug. 1 have restricted exports of gallium and germanium, two metal sued in computer chips and solar cells.
Senior Biden administration officials emphasized that the president's order is a national security action, not an economic one. The government wants "de-risking" of U.S.-China economic ties and wants to avoid "decoupling" the two economies, officials said.
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