Huawei, China Mobile and China Telecom were among 31 companies named by the US as no-go areas for domestic investors, as the nation escalated an ongoing campaign against Chinese businesses, South China Morning Post reported.

President Donald Trump signed an executive order yesterday (12 November) blocking US investment in companies the Department of Defence claims are owned or controlled by the Chinese military, the newspaper wrote.

The order prohibits investors from trading shares in the companies starting 11 January 2021, and requires those holding shares to sell them by 11 November 2021.

Huawei already faces a number of US trade restrictions on software and components.

The move is the latest escalation in an ongoing trade conflict between the two countries. It aims to block the flow of US capital to Chinese companies, which Trump claims helps support the country’s military ambitions.