The Treasury Department has fleshed out its proposed rule that would restrict and monitor U.S. investments in China for artificial intelligence, computer chips and quantum computingUS proposes rules to stop Americans from investing in Chinese technology with military usesWASHINGTON -- The Treasury Department on Friday fleshed out a proposed rule that would restrict and monitor U.S. investments in China for artificial intelligence, computer chips and quantum computing. The order identified China, Hong Kong and Macau as countries of concern. The proposed rule outlines the required information that U.S. citizens and permanent residents must provide when engaging in transactions in this area, as well as what would be considered a violation of the restrictions. After the U.S. military in February 2023 shot down a suspected Chinese spy balloon off the Carolina coast after it traversed sensitive military sites across North America, China threatened repercussions. Since then, incidents between the two nations based on national security concerns have regularly occurred.

Source: ABC News June 21, 2024 16:10 UTC