The Biden administration may maintain its policy of pressuring the Trump administration to ban investment in Chinese companies despite opposition from Wall Street, multiple sources familiar with the matter were quoted as disclosing on May 7.
The sources said Biden administration officials are still in preliminary discussions on the issue, and that Trump’s ban severely restricts U.S. companies from investing in companies linked to the Communist Party’s military, including China’s three largest telecommunications giants.
The report said President Joe Biden is now trying to advance policies on issues related to trade, human rights, militarization of the South China Sea and other growing tensions with Beijing, and the ban issued by President Trump in November last year has led to threats of legal action by the Chinese Communist Party against international companies, sparking renewed tensions between the two countries.
So far, the U.S. Treasury Department and the National Security Council have not responded to the news, but the move is likely to gain broad bipartisan support in Congress.
U.S. Sen. Marco Rubio (R-Fla.) said in a statement that there is a popular consensus to avoid the flow of U.S. funds to companies with ties to China’s Communist Party military, giving them the ability to develop weaponry that kills U.S. troops. The Biden administration should work with Congress to enact the relevant ban into law for implementation.
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