Biden mulling new restrictions on US tech business in China
Christian Datoc
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President Joe Biden is reportedly preparing a new executive order limiting U.S. technology companies’ ability to do business in China, with plans to unroll the restrictions ahead of next month’s G-7 summit in Japan.
Biden and top administration officials have been considering the order for nearly two years. Some familiar with the planning of the order say the United States is briefing other G-7 nations ahead of the 2023 summit in Hokkaido, Japan, according to Bloomberg, in hopes the group will endorse Biden’s actions.
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Since entering office, Biden, like his predecessor, former President Donald Trump, has sought to reset the nation’s economic status quo with China, re-shoring manufacturing jobs and safeguarding national security in the process.
Though the president promised to review his predecessor’s China policies, including the “Phase One” trade deal signed in early 2020 and Trump’s strict steel and aluminum tariffs, Biden has opted to keep the bulk of Trump’s China policies in place.
Biden previously moved to limit the export of key technologies to China, and Bloomberg’s Thursday report indicated that Biden’s new order will focus on semiconductors, artificial intelligence, and quantum computing. Biden is expected to outright block some investments using these technologies.
Treasury Secretary Janet Yellen hinted at the new measures in a speech Thursday morning.
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“These national security actions are not designed for us to gain a competitive economic advantage or stifle China’s economic and technological modernization,” she said.
The White House did not respond to requests for comments on the report.
This is a developing story and will be updated with new information as it becomes available.