President Biden has extended former President Trump’s ban on U.S. companies or individuals investing in businesses that are linked to the Chinese military.
Trump issued the ban in November 2020 with an executive order.
Biden extended the ban Tuesday, ahead of its Nov. 12 expiration.
The White House said the extension is to “deal with the unusual and extraordinary threat to the national security, foreign policy and economy of the United States” posed by specific investments in Chinese companies.
Biden expanded the order in June 2021 – to include U.S. investments in businesses associated with China’s intelligence or security industries.
The one-year extension came a day before Biden said he plans on meeting face-to-face with Chinese President Xi Jinping for the first time since entering the Oval Office.
“I’m looking for competition, not conflict,” Biden said at a press conference when asked about his upcoming meeting with the leader of the world’s second largest economy behind that of the United States.
The president said he wants to “understand what [Xi] believes to be in the critical national interests of China, what I know to be the critical interests of the United States, and to determine whether or not they conflict with one another. And if they do, how to resolve it and how to work it out.”