US-China Tensions Gain Momentum As US Weighs Overseas Investment Screening

The U.S. weighed an executive order to screen and possibly restrict U.S. overseas investment in cutting-edge technology development in China and other potentially hostile countries, the Wall Street Journal reports.
The initiative follows a failed attempt to pass legislation with similar restrictions.
However, the move drew concern from some U.S. tech businesses and investors by proving unwieldy or overbroad and undercut U.S. economic influence.
Also Read: Alibaba, Other Chinese Stocks Brace For Uncertainty As US Looks To Monitor, Restrict Investment In China
The move stemmed from growing concern regarding U.S. investment in China, financing Beijing's goal to dominate semiconductors, artificial intelligence, and quantum computing sectors.
The U.S. and China have been at loggerheads since the pandemic vandalized the semiconductor supply chain, and China gained dominance over cutting-edge tech.
Recently, the U.S. threatened Apple Inc AAPL with consequences for procuring chips from controversial Chinese chipmaker Yangtze Memory Technologies Co for its iPhone 14
The U.S. Chips Act imposed restrictions on investment in China.
The U.S. also imposed restrictions on China's access to cutting-edge tech, which extended to China's chipmakers.
The U.S. also slapped restrictions on Nvidia Inc's NVDA transfer of tech to China.
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