Biden Orders Ban on 59 Chinese Defense and Tech Firms

President Joe Biden, with Vice President Kamala Harris, speaks in the South Court Auditorium of the Eisenhower Executive Office Building, next to the White House, in Washington, on June 2, 2021. Mandel Ngan/AFP via Getty Images

WASHINGTON—President Joe Biden signed an executive order on June 3, amending a Trump-era ban that prohibits U.S. investors from investing in Chinese military companies. The new order expands the previous prohibition list by adding more Chinese defense and surveillance technology firms.

The order also moves the authority of selecting targeted companies to the Treasury Department from the Defense Department.