President Biden moved to restrict the high-tech U.S. investments in China to revive American manufacturing. Reports say the executive order restricts sectors including artificial intelligence (AI), semiconductors, and quantum computing.On August 9, U.S. President Joe Biden moved to restrict the high-tech U.S. investments in China during his visit to the several states of the country’s southwest. Reports say Biden’s move intends to promote his advocacy of reviving the American manufacturing after decades of dwindling.
According to End, Biden’s executive order rules the U.S. Department of the Treasury to restrict specific U.S. investments in China in high-tech sectors including artificial intelligence (AI), semiconductors, and quantum computing.
U.S. Investments in China Restricted in 2024
An article in The New York Times states that the restrictions on the U.S. investments in China are expected to take effect in 2024. Further reports say Biden’s administration intends to strengthen its position against China on several fronts such as technology, economy, and military.
In addition, Biden also intends to reinforce his pitch for the reelection in 2024 by focusing on jobs and the economy which are the major issues in the campaign for the White House. As the executive order about the U.S. investments in China was made public, Biden was in New Mexico to improve the manufacturing jobs in the sector of renewable energy.