US will block Chinese firms from acquiring American tech companies

Trump really wants to sabotage China’s plans to become a high-tech power house.

The U.S. Treasury Department will block firms with 25 percent or more Chinese ownership from acquiring U.S. companies with “industrially significant technology,” a government official told Reuters. 

The new policy is the U.S.’ latest economic aggression toward China, following military restrictions on contracts with Chinese technology companies. Additionally, President Trump’s tariffs on $34 billion of Chinese goods will go into effect on July 6. The tariffs mostly target technology and manufacturing products.

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Source: Mashable | US will block Chinese firms from acquiring American tech companies