US President Donald Trump’s “America First Investment Policy” could impose restrictions on certain US funds investing in specific Chinese stocks, according to UBS.

While no concrete sanctions have yet been implemented, UBS said the order unveiled new and expanded restrictions on US pension funds and endowments investing in China’s high-tech sectors, including artificial intelligence and advanced manufacturing, as well as related securities.

The investment bank anticipates that companies within China’s AI supply chain could potentially face an impact.

Trump signed the policy memorandum last week, ordering the use of “all necessary legal instruments” to curb Chinese-affiliated investments in strategic sectors.