WASHINGTON (AP) -- President Barack Obama is revoking a Chinese company’s purchase of four wind farm projects in the vicinity of a U.S. naval facility’s restricted airspace.
Obama’s decision is likely to be another irritant in the increasingly tense economic relationship between the U.S. and China. The rising Asian power’s trade advantage has emerged as a key issue in Obama’s re-election battle with Republican Mitt Romney.
In his decision, Obama orders Ralls Corporation, a company owned by Chinese nationals, to divest its interest in the wind farms it purchased earlier this year in Oregon. The wind farm sites are all in the vicinity of restricted air space near the Naval Weapons Systems Training Facility Boardman.
The administration cites unspecified national security risks as the reason for blocking the transaction.