Donald Trump bans US investment in Chinese firms that could help Beijing’s military apparatus

The ban takes effect on 11 January and targets 31 companies, including telecom, aerospace and construction firms

Agence France-Presse November 13, 2020 08:26:03 IST
Donald Trump bans US investment in Chinese firms that could help Beijing’s military apparatus

File image of outgoing US president Donald Trump. AP

Washington: US President Donald Trump signed an order Thursday that will ban Americans from investing in Chinese firms that could help Beijing's military and security apparatus.

The executive order said the Chinese government obliges private firms to support these activities and through capital markets "exploits United States investors to finance the development and modernisation of its military."

The ban takes effect 11 January just days before Trump's presidency ends and is the latest move in increasingly tense US relations with the Asian power.

Investors have until 11 November, 2021 to divest any holdings in the banned companies, according to the order.

Trump declared a national emergency saying American investors are helping China "to directly threaten the United States homeland and United States forces overseas, including by developing and deploying weapons of mass destruction, advanced conventional weapons, and malicious cyber-enabled actions against the United States and its people."

The prohibition targets a list of 31 companies, including telecoms, aerospace and construction firms, according to press reports.

Updated Date:

Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.

also read

'I concede nothing!': Trump tweets after admitting Biden won; offers no evidence for rigged election claims
World

'I concede nothing!': Trump tweets after admitting Biden won; offers no evidence for rigged election claims

This just two hours after Trump seemingly admitted for the first time publicly that Joe Biden won the US presidential election though he continued to insist that the contest "was rigged" and offered no evidence

US election results: Pennsylvania judge rejects Trump's bid to stop vote certification in state
World

US election results: Pennsylvania judge rejects Trump's bid to stop vote certification in state

Pennsylvania officials can certify election results that currently show Democrat Joe Biden winning the state by more than 80,000 votes, the judge ruled

Time for Donald Trump to concede as US election outcome cannot be reversed, says Barack Obama
World

Time for Donald Trump to concede as US election outcome cannot be reversed, says Barack Obama

Trump has challenged the election results in Pennsylvania, Nevada, Michigan, Georgia, Wisconsin and Arizona, alleging voters’ fraud and electoral malpractice