Biden Plans to Sign Order in August to Limit U.S. Tech Investment in China

President Joe Biden is planning to sign an executive order by mid-August that aims to limit U.S. investments in China in key areas of technology such as semiconductors, artificial intelligence and quantum computing, Bloomberg reported.

The order, which stems from national security concerns, would prohibit certain transactions while requiring other deals to be disclosed to the government, according to Bloomberg. It wouldn’t affect existing investments, the report said.

The Biden administration has been discussing such an executive order for a long time. Over the past year, several news outlets have reported that the president was coming close to signing the order, but so far it hasn’t happened. The idea of restricting certain investments in China is part of Washington’s broader effort to prevent American money from helping China develop advanced technologies that the Communist Party could use for surveillance or espionage.