Top Republican China hawk says White House investment restrictions fall short
Publishing timestamp: 2023-08-18 13:20:48
Summary
Rep. Mike Gallagher believes that President Joe Biden's executive order banning some U.S. investments in Chinese technology should also include public market investments. He argues that relying on U.S. financial firms that invest in Chinese firms collaborating with the Chinese military or involved in human rights abuses poses a potential national security threat. Gallagher believes that investment restrictions can be used both defensively for national security and as a weapon to weaken China's economic stature and military capabilities. He also raises concerns about American retirement plans being dependent on investments in potentially threatening companies. The article mentions that the Chinese government is considering countermeasures to Biden's order and that there is a brewing debate over how widely to apply the restrictions. Treasury Secretary Janet Yellen has indicated that the restrictions will be narrowly targeted to protect national security.
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Keywords: government and politics, united states, gina raimondo, gallagher, breaking news: politics, foreign policy, washington, politics, blackrock inc, china, business news, national security, msci inc, janet yellen, u.s. economy,