Biden to ban transactions with Chinese tech giants

Friday, 26. February 2021 19:47

The United States President Joe Biden administration plans to bring into effect a ban on technology-related transactions with certain Chinese companies on March 22, a rule originally drafted in November 2020 by former President Donald Trump, The Wall Street Journal reported on Friday citing sources close to the matter.

Federal officials decided to move forward with the rule under concerns that dismissing Trump's proposal could send the wrong message, therefore they won't hold back on implementing it, while the new administration is taking a broad review of its policy towards China, but is still determined to combat national security threats posed by tech giants, such as Huawei Technologies.

Although the authorities have signaled to American companies that the ban won't be strictly enforced, the business community in technology, telecommunications, finance and other industries said they believed Biden would delay the decision as it may hurt competitiveness and slow down innovation.

Related Links: 
Author:
Breaking the News / LH