President Donald Trump’s first term is in its waning months, but that doesn’t mean he’s stopped fighting for America’s interests.
Trump has issued an executive order barring American investments into Chinese firms that the country’s military controls or owns, Breitbart reported. This order comes after it was discovered that federal employees’ retirement funds were partially invested in Chinese military-building companies.
“Today, President Donald J. Trump signed an Executive Order to protect American investors from funding Communist Chinese military companies, including those designated by the Department of Defense in June and August of 2020,” National Security Adviser Robert O’Brien said Thursday in a statement. He added that “individual investors in the United States can unknowingly provide funds to them through passive institutional investment vehicles such as mutual funds and retirement plans.”
The problem is that these investments would funnel money to a nation that often operates in direct opposition to the interests of the U.S.
O’Brien warned that the companies use investors’ cash to enhance “the capabilities of the People’s Liberation Army and People’s Republic of China intelligence services, which routinely target American citizens and businesses through cyber operations, and directly threaten the critical infrastructure, economy, and military of America and its allies and partners around the world.”
Indiana Rep. Jim Banks, Florida Rep. Mike Waltz and other Republicans sounded the alarm about the federal employees’ Thrifts Savings Plan possibly having capital investments in Russia and China. Labor Secretary Eugene Scalia further investigated the matter with Trump calling on the plan’s board to no longer invest funds that included those nations.
The new executive order effectively broadened that prohibition, cutting off the overseas boon for the unfriendly nation. Trump said in the executive order that China was “exploiting United States capital” to beef up its military technology and fire power to further threaten our nation.
Trump has been tough on China throughout his administration. The president levied tariffs on the Asian nation, but eventually brokered a favorable trade deal in exchange for easing the taxes. Relations were improving until it became apparent that the coronavirus pandemic likely originated and spread from Wuhan, although this newest executive order is national security rather than public health.
In contrast, there are unanswered accusations that President-elect Joe Biden’s son Hunter Biden and even the former vice president himself possibly profited from the Communist nation. It’s unclear what the future of relations between the U.S. and China would be in a Biden/Harris administration in light of that possibility.