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Biden announces curbs on US investments in China

News Snapshot:

US President Joe Biden on Wednesday issued an executive order aimed at restricting certain American investments in sensitive high-tech areas in China — a move Beijing blasted as being "anti-globalization". The long-anticipated rules, expected to be implemented next year, target sectors like semiconductors and artificial intelligence, as Washington seeks to limit access to key technologies. "The commitment of the United States to open investment is a cornerstone of our economic policy and provides the United States with substantial benefits," Biden said in a letter to Congressional leaders announcing the executive order. "However, certain United States investments may accelerate and increase…

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