Biden Moves to Ban US Investment in 59 Chinese Companies, Including Huawei

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President Joe Biden moved on Thursday to ban American investment in dozens of Chinese companies allegedly tied to the country’s military and surveillance regimes.

In a statement, the White House said an executive order Biden signed Thursday afternoon “allows the United States to prohibit — in a targeted and scoped manner — U.S. investments in Chinese companies that undermine the security or democratic values of the United States and our allies.” Companies on the list included a range of aerospace and communications companies, including telecommunications giant Huawei.

The move is the latest in a years-long effort by the U.S. to eject Huawei and other Chinese companies from the country over espionage concerns. Former President Donald Trump imposed sanctions on Huawei in 2019 after intelligence reports indicated the company had been building backdoors in its equipment that allowed the Chinese government to spy on mobile networks around the globe. Similarly, the United Kingdom passed a measure last year ordering Huawei out of that country by 2027.

Biden’s order will take effect on August 2. Chinese Foreign Ministry spokesman Wang Wenbin slammed the action during the early morning in China, where officials were still waking up after the order was signed, telling reporters, “The U.S. should respect the rule of law and the market, correct its mistakes, and stop actions that undermine the global financial market order and investors’ lawful rights and interests.”