Biden has expanded the call to continue a ban on new US investments across certain Chinese companies.
The US president signed an order on Thursday US time, naming 59 firms with ties to China’s military or surveillance industry.
The 59 companies include Huawei Technologies and the country’s three largest telecommunications brands.
Wall Street and Capitol Hill are both watching closely.
The ban is already impacting global markets and investors, both Democrats and Republicans have called for a strong stance against China, ranging from issues on trade and human rights.
Interestingly, Biden’s move comes shortly after China’s President Xi Jinping made a call to Chinese officials to create a “trustworthy, loveable and respectable” image for the country.
The President said the country must “make friends extensively, unite the majority and continuously expand its circle of friends with those who understand and are friendly to China.”
Experts suggest the leader is rethinking his global communication strategy.
The amendment to Trump’s original order comes after two Chinese companies successfully challenged it in U.S. court.
Biden’s team made the revisions to ensure they remain in a legally sound position.
