Blocking China’s high-tech ambitions is one of the few issues that enjoys broad support in Washington, from both Republicans and Democrats.

In May, Biden imposed tough tariffs on electric vehicles from China. He also imposed export controls to prevent the Chinese from acquiring advanced computer chips and the equipment needed to produce them. Former President Donald Trump pledged to significantly raise taxes on all imports from China if voters returned him to the White House.

The Biden administration solicited feedback from businesses and U.S. allies before releasing the final version.

In addition to blocking investments, the rule requires Americans and businesses in the United States to notify the U.S. government of transactions involving “technologies and products that may contribute to a threat to the national security of the United States.”

Violators can be hit with fines of up to $368,136 or twice the value of the prohibited transaction, whichever is greater. Treasury is establishing an Office of Global Transactions to oversee the new rule.

At his weekly press briefing on Tuesday, Hong Kong leader John Lee said the restrictions once again reflected that some U.S. politicians were undermining normal investment and trade for the sake of their political interests, and that these actions would harm the global supply chain. Lee said the United States enjoyed a $472 billion trade surplus with Hong Kong over the past 10 years.

“By pursuing their political agenda, American politicians harm not only others, but also the interests of their own country, their people and their businesses. They will have to face the consequences of their actions,” he said.

Associated Press writer Kanis Leung in Hong Kong contributed to this report.