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Biden Blocks 59 Chinese Companies in Amended Trump Order

  • Ban goes into effect Aug. 2; investors have one year to divest
  • Biden adds Chinese surveillance firms to list of banned firms
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WATCH: 59 firms with ties to China’s military or surveillance industry have been named in the updated list with Biden adding several firms. John Liu reports.(Source: Bloomberg)
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President Joe Biden signed an order Thursday amending a ban on U.S. investment in Chinese companies begun under his predecessor, naming 59 firms with ties to China’s military or in the surveillance industry, including Huawei Technologies Co. and the country’s three biggest telecommunications companies.

The ban on new investments will take effect Aug. 2 at 12:01 a.m. in New York, according to administration officials who briefed reporters on condition of anonymity. Investors will have one year to fully divest.