(RepublicanInformer.com)- President Joe Biden was this week forced to admit that former President Donald Trump’s executive order that banned American investors from financing any companies that are linked to the Chinese military was a wise move.
The Biden administration announced on Tuesday that the order would be kept in place, and in a letter to far-left House Speaker Nancy Pelosi, the president admitted that the People’s Republic of China is “increasingly exploiting United States capital to resource and to enable the development and modernization of its military, intelligence, and other security apparatuses.”
Biden added that China’s advancements using U.S. technology directly threaten the United States homeland and U.S. forces overseas.
The ban was originally put in place by President Donald Trump last year. It bans investors, including all American investment firms and pension funds, from purchasing shares of any Chinese entities that have been identified by the Defense Department as either controlled by or owned by the Chinese military.
In June, Biden expanded the scope of those restrictions – which was another painful experience for the president, admitting Trump was right – to task the Treasury Department with identifying targeted entities and updating the blacklist of companies in China continuously.
There are presently more than 59 Chinese companies on the blacklist, including telecoms companies ZTE and Huawei – the latter of which long profited from the American people by selling extraordinarily cheap Android cell phones in the U.S. market.