US Government Bans Investments in Huawei and 58 other Chinese Companies

Once again, Huawei has to face a ban in US. President Joe Biden is enforcing a new executive order that bans investments in 59 Chinese companies including Huawei effective from August 2. The new decision prevents US investments in Chinese companies with suspected ties to the Chinese Communist Party.

US Government Bans Investments in Huawei and 58 other Chinese Companies

The other major companies in the list are chip maker SMIC, telecom operator China Mobile, video surveillance company Hikvision, and a plethora of Chinese defense sector companies. A senior US official confirmed that  more Chinese companies will face a ban in the coming months.

I find that the use of Chinese surveillance technology outside the PRC (People’s Republic of China) and the development or use of Chinese surveillance technology to facilitate repression or serious human rights abuse constitute unusual and extraordinary threats, which have their source in whole or substantial part outside the United States, to the national security, foreign policy, and economy of the United States, and I hereby expand the scope of the national emergency declared in Executive Order 13959 to address those threats. – President Joe Biden

With the new sanctions in place, President Biden is reinforcing the hard stance against China’s intelligence and security research firms, which peaked during former President Donald Trump’s four-year term. He also gave a one-year period to US investment companies and individuals to divest any funds in the newly banned companies.

Huawei is already striving hard after a ban imposed buy former president of US. It has sold out its famous brand, Honor, just an attempt to survive in the market. Now, it has rolled out its own operating system, Harmony.

Check Also: In a Fight for Survival, Huawei Rolls Out a New Operating System

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Onsa Mustafa

Onsa is a Software Engineer and a tech blogger who focuses on providing the latest information regarding the innovations happening in the IT world. She likes reading, photography, travelling and exploring nature.

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