Biden expands the blacklist of Chinese companies and removes Xiaomi from this list
US President Joe Biden has expanded restrictions on US investments in some allegedly military-related Chinese companies, adding more companies to the blacklist.
On Thursday, Biden signed an executive order banning Americans from buying or selling any publicly traded securities of 59 Chinese companies as of August 2.
The action is based on an executive order issued by former President Donald Trump last November, which included blacklisting more than 50 Chinese companies with alleged links to the Chinese military.
Biden's order includes companies the United States accuses of using surveillance technology that facilitates human rights abuses.
The White House said the order "allows the United States to purposefully and specifically block US investments in Chinese companies that undermine the security or democratic values of the United States and our allies."
The White House added that the list will be updated as necessary.
The US Department of Defense is no longer responsible for the list, as it was under Trump. But the Treasury will be the responsible ministry.
Several listed companies have already been affected by the previous order, including smartphone company Huawei and China's third largest oil company, China National Offshore Oil Corporation.
Trump's order proved invulnerable, as Chinese smartphone maker Xiaomi obtained a ruling from a Washington court to remove it from the list.
Xiaomi is also not on Biden's new list.
The trade conflict between the United States and China has escalated under Trump. His administration has also taken action against several Chinese companies.
Biden announced a review of his country's policy toward China after taking office in January.
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