President Donald Trump plans to bar many Chinese companies from investing in U.S. tech and to block additional technology exports to China, The Wall Street Journal reported on Sunday evening, citing people familiar with the matter.
The two measures are set to be announced by the end of the week, and are intended to counter Beijing's Made in China 2025 — a Chinese initiative to be a global leader in technology.
The Treasury Department is drawing up rules to block companies with at least 25 percent Chinese ownership from buying companies involved in "industrially significant technology," the WSJ said.
Reuters confirmed the curbs on Chinese investment into such technology. The ownership threshold may change before the announcement on Friday, Reuters reported, citing a government official briefed on the matter.
The National Security Council and the Commerce Department are also putting together plans for tighter export controls that will not allow "industrially significant technology" to be exported to China, the paper added.