The Biden administration is likely to maintain pressure on China by preserving limits on U.S. investments in certain Chinese companies imposed under former President Donald Trump, six people familiar with the matter said, bucking entreaties from Wall Street to ease the restrictions.
Biden officials are still in preliminary discussions about Trump’s investment bans on companies linked to China’s military, which included three of the country’s biggest telecommunications firms, the people said. No decision has been made.
Biden warned Thursday that Congress needs to adopt his multi-trillion dollar spending plans to renew the US economy because China is "eating our lunch."
Speaking in deep-Republican Louisiana, Biden pitched his $2.3 trillion infrastructure proposal as a way to secure US preeminence on the global stage as much as fixing dangerous bridges and roads.
He also touted his $1.8 trillion American Families Plan, which proposes expanding education and social protections and would be paid for through tax increases on the most wealthy.
Biden said a new vision is needed, focusing on research and development, because "the Chinese are eating our lunch. They're eating our lunch economically. They're investing hundreds of billions of dollars in research."
