Biden signs order banning buying shares of 59 Chinese companies

US President Joe Biden has expanded a Trump-era ban on American investment in dozens of Chinese firms that Washington believes are linked to China’s military, Report informs referring to CNN.

Biden signed an executive order on June 3 that prohibits Americans from owning or trading any securities tied to 59 companies, citing the threat of Chinese surveillance technology.

The original order, signed by former President Donald Trump in November, applied to 31 Chinese companies that the administration said “enable the development and modernization” of China’s military and “directly threaten” US security.

Biden’s new order goes into effect on August 2.