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US prepares to restrict investments in Chinese tech sector

(MENAFN) The White House is seeing steps to limit US investment in Chinese technology firms amid rising tensions among the world’s two largest economies, according to a Bloomberg report on Saturday, quoting people familiar with the matter.

US Leader Joe Biden is anticipated to ink a supervisory order on investment curbs in the approaching months.

One of the sources informed the agency that distinct action could be taken versus TikTok, China’s famous video-sharing app. The Commerce Department could also introduce further sanctions on chips used for artificial intelligence computing.

The White House is allegedly studying with Congress the probability of adopting legislation needing US companies to give advance notice of probable investments in certain Chinese industries, planning an arrangement permitting the administration to stop such investments completely is also being studied.

Previously this week, two of the biggest US chip-makers Nvidia and AMD stated that Washington had put in place new limits to reduce China and Russia off from high-end artificial intelligence chips.

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