(Bloomberg) -- The Biden administration is considering moves that would restrict US investment in Chinese technology companies amid growing tensions between the US and China, according to people familiar with the matter.

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The investment curbs taking shape would likely come as an executive order to be signed by President Joe Biden in coming months, one of the people said Friday evening.

A separate action against TikTok Inc., the hugely popular video-sharing app, is a possibility but no action is imminent, the person added. The Commerce Department, the person said, may place further restrictions on chips used for artificial intelligence computing.

At the same time, the White House is in discussions with Congress on legislation requiring companies to disclose beforehand possible investments in certain Chinese industries, another of the people said.

Among options being discussed is the establishment of a system that would give the government the authority to block investments outright, that person said.

The person indicated that the executive order was part of a broader strategy, pointing out that the US had recently curbed sales of semiconductors to China and Russia. Last month, Biden signed into law a broad competition measure that includes about $52 billion to bolster domestic semiconductor research and development.

The White House declined to comment on Friday night. TikTok representatives did not immediately respond to a request for comment.

The Commerce Department expects to have an update on steps to protect Americans’ data from foreign-owned apps by the end of the year, the department’s press office said earlier this week.

US companies are under increasing government scrutiny over what they sell to China, whose electronics factories and consumers make it the biggest buyer of chips. Washington has been tightening restrictions on sales to the country, arguing that it represents a security risk.

Nvidia Corp. tumbled Thursday after the chipmaker said new rules on the export of some artificial intelligence chips could affect hundreds of millions of dollars in revenue.

The executive order, according to some of the people, is intended to address some of the concerns contemplated in the National Critical Capabilities Defense Act introduced by Senators John Cornyn, a Texas Republican, and Bob Casey, a Pennsylvania Democrat.