President Joe Biden moved to rescind a Trump-era executive order that would have banned Chinese-based social media platforms TikTok and WeChat and ordered the Commerce Department to review apps linked to foreign adversaries. Paul Meeks, portfolio manager at Independent Solutions Wealth Management, said the Biden administration is focusing on potential institutional risks rather than individual consumer data and taking the politics out of reviewing the possible threats. He also noted that the tech alliance between the U.S. and the EU is necessary to compete with China as the nation is "uber focused on taking our leadership in the all-important technology sector away from us."