Washington DC - President Joe Biden announced on Monday that he will be placing broader restrictions on advanced technology being sold to China as the US struggles to keep up.

According to The New York Times, Biden added 140 Chinese companies to a restricted trade list and put shipping bans on various advanced memory chips, semiconductor equipment, and software tools used to develop chips.

An update was also made to the Foreign Direct Product Rule, which will now restrict goods made in other countries with US technology, software, or components.

The new restrictions come as national security officials have warned that China acquiring such chips could pose a threat to the US, as they could be used for advancing military equipment and artificial intelligence.

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Commerce Secretary Gina Raimondo recently told reporters that the restrictions represent "the strongest controls ever enacted by the US to degrade the [People's Republic of China's] ability to make the most advanced chips that they're using in their military modernization."

Last week during a press conference, China's Foreign Ministry Spokesperson Mao Ning said the US was "overstretching the concept of national security," and further restrictions would "violate the laws of market economy and the principles of fair competition, disrupt international economic and trade order, and the stability of global industrial and supply chains."

It's unclear how China will react to the new restrictions or if incoming President Donald Trump will keep them in place after taking office.