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Biden Says The Chinese Are `Eating Our Lunch' Economically

US
  • The Biden Administration will likely continue with China restrictions set during the Trump presidency, by preserving limits on U.S. investments in particular Chinese companies.
  • However, no decisions have been made with officials still in preliminary discussions about bans on companies that include three of the biggest telecommunications firms.
  • This comes at a particularly volatile stage, with tensions surrounding human rights and trade continuing to boil.
  • According to four people in the industry, the financial sector has also urged the Biden administration to completely roll back the investment ban. Banks are keen for clearer guidance from Treasury's Office of Foreign Assets Control on compliance with the ban.
  • Treasury Secretary Janet Yellen and her team have indicated a continuation of the Trump administration's tough stance on China.
  • "The global financial institutions that deal with these Chinese military company securities are stymied," said John Smith, a former top sanctions official at the Treasury Department and now a partner at law firm Morrison & Forrester. "All the trading that would normally be done by the biggest global institutions around has stopped because they are deathly afraid of violating U.S. sanctions." (Per BBG)
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