EU to Consider U.S. Order on Tech Curbs in China
EU executive says the European Commission is set to analyse the U.S. ban on new U.S. investment in China in sensitive technologies such as computer chips. The executives said on Thursday that they are also in close contact with the U.S. administration.
U.S. President Joe Biden on Wednesday signed an executive order to prohibit or restrict U.S. investments in Chinese entities in three sectors. They include semiconductors and microelectronics, quantum information technologies and certain artificial intelligence systems.
“We take note of the Executive Order on outbound investment released by the U.S. on 9 August. We will be analysing the Executive Order closely,” a Commission spokesperson said in an email.
“We are in close contact with the U.S. administration and look forward to continued cooperation on this topic.” A spokesperson for the German economy ministry took note of the commission’s move to assess the ban and told Reuters: “We will be actively involved in this process.”
Still smarting from a breakdown in its economic ties with Russia, Berlin has called for a de-risking approach to China and begun looking at measures to address risky foreign investments. #EU to Consider U.S. Order on Tech Curbs in China Naira Steadies as Banks Issue Update on FX Purchase