Rules to police investment by American firms in China have acquired a phantom quality: always imminent, always delayed. In recent months the steady beat of debate on the topic has quickened to a drumroll. In March America’s Treasury and Commerce Departments delivered reports on potential rules. The next month Jake Sullivan, President Joe Biden’s security adviser, trailed the policy in a speech. An executive order from Mr Biden is expected to follow. America’s allies are mulling similar restrictions. On June 20th the European Commission announced plans, albeit vague ones, to propose an initiative by the end of the year.
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