President Joe Biden's order last week banning U.S. investment in certain Chinese companies is broader than a similar one signed by his predecessor Donald Trump and has a lower bar, making it easier to add more companies later.
"It's broader in scope and it's a much lower standard for listing," said Washington lawyer Kevin Wolf, a former Commerce Department official, adding it should better withstand legal scrutiny. The Trump order needed to be shored up after three companies went to court to challenge it. Two got their designations halted, and there's been no ruling in the third case.
The government's evidence included an award given to Xiaomi's chairman, which more than 500 entrepreneurs had received since 2004, including the leaders of an infant formula company. It also cited Xiaomi's investments in 5G and artificial intelligence technology, but the judge noted they are fast becoming standard for consumer devices, not just military modernization.
Major Chinese firms included under both orders include China National Offshore Oil Corp , Hangzhou Hikvision Digital Technology Co Ltd, Huawei Technologies Ltd and Semiconductor Manufacturing International Corp.
Who cares; is what a mature country like China says. When US banana republic can’t compete it resorts to unfair trade practices to which it says other nations do.😆hypocrites that they are. China has world. US represents 324 million with an economy slightly better than Bulgaria☺️