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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

Economy

Economy

US seeks limitations on investments in Chinese technology and AI.

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Trade Tensions: Intel, Qualcomm Encounter Export Restrictions

Chip CEOs urge US to study impact of China curbs – The Economic Times

According to a draft guideline, US investors cannot support AI systems in China that may be used for military purposes, including weapons targeting.

The US Treasury has proposed a law to prohibit and oversee US investments in China for AI, computer chips, and quantum computing.

The Friday draft regulation follows President Joe Biden’s August executive order granting “countries of concern” access to American cash to buy innovative technology that may improve their military, intelligence, surveillance, and cyber capabilities. China, Hong Kong, and Macau were on the list.

The Biden administration has tried to stop China, the world’s second-largest economy, from developing technology that may give it a military advantage or allow it to dominate burgeoning areas like electric automobiles.

Biden, a Democrat, has also placed a high tariff on Chinese EVs, a political issue as he and his Republican presidential opponent Donald Trump try to show voters who can best stand up to China, a geopolitical rival and major trading partner.

The proposed regulation specifies what information US citizens and permanent residents must submit when transacting in this region and what constitutes a violation.

A senior Treasury official who previewed the regulation for reporters on condition of anonymity said it would bar American investors from backing Chinese AI systems for weapons targeting, battle, and location monitoring, among other military applications.

Through August 4, the US Treasury is accepting comments on the plan before issuing a final regulation.

Biden administration officials, including Treasury Secretary Janet Yellen, have denied “decoupling” from China, although tensions have grown in recent years.

China promised retaliation when the US Navy shot down a suspected Chinese surveillance balloon off the East Coast in February 2023 after it crossed vital military facilities in North America.

National security issues between the two countries have continued since then.


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