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6/3, 9:03 PM (Source: TeleTrader)
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Biden signs order banning US investments in 59 Chinese firms

United States President Joe Biden signed an executive order on Thursday effectively banning American investments into 59 Chinese companies linked to China's military-industrial complex.

The move was made to "ensure that US investments are not supporting Chinese companies that undermine the security or values of the United States and our allies," according to the statement released by the White House.

The order, set to take effect on August 2, will still allow investors to make trades over the next year in order to sell their holdings in the banned firms.

Breaking the News / ND