- August 10, 2023
- Posted by: admin
- Category: Daily News
- U.S. President Joe Biden signed an executive order Wednesday that restricts certain American investments in mainland China, Hong Kong and Macao in high-tech sectors such as artificial intelligence, semiconductors and quantum technology.
- The move — criticized by China — prohibits U.S. persons from making “certain transactions” in semiconductors and microelectronics, quantum information technologies and AI sectors and requires them to notify the Treasury Department when making such transactions.
- In the long-awaited executive order, Biden declares a national emergency in dealing with “countries of concern” rapidly developing “sensitive technologies,” which “significantly enhances their ability to conduct activities that threaten the national security of the U.S.”
- The order “is a narrowly targeted action to protect national security while maintaining our long-standing commitment to open investment,” a statement by the Treasury Department said.