GlobalWide News
Bloomberg: The European Union (EU) has voiced apprehensions to the Biden administration regarding its new investment limitations on China, warning that these restrictions could negatively affect European companies. Key EU representatives are particularly concerned about the far-reaching implications of an executive order, issued by President Biden in August. This U.S. mandate primarily targets investments in Chinese firms specializing in cutting-edge sectors like artificial intelligence and quantum computing.
The EU’s major worry is that these U.S. restrictions could inadvertently hamper trade involving European businesses that have both U.S. and Chinese stakeholders. While these U.S. measures are aimed at bolstering national security, they could potentially strain already tense trade relations between the EU and the U.S.
As the EU continues to assess the full ramifications of the U.S. executive order, there is a pressing need to address these issues before the new restrictions take effect next year. Both parties are in the process of crafting economic security strategies aimed at minimizing technology and capital exchanges with nations like China and Russia for military objectives. However, the U.S. has been quicker in implementing its plans, causing concern among EU officials.
In summary, the European Union is urging a reconsideration of the U.S.’s latest investment restrictions on China, as it could lead to unintended negative consequences for European businesses and exacerbate existing EU-U.S. trade tensions.
The entire article can be read at the link https://www.bloomberg.com/news/articles/2023-10-24/eu-raised-concerns-with-us-over-biden-s-china-investment-order#xj4y7vzkg
