It sounds very unconstitutional to me.. But, it looks like they really don't care much for the constitution anymore so.....they do whatever they want...
Actually, if you were a company on cutting edge technology, this would be the doorway to quickly exit the US...to find a country to protect your inventions. I would imagine several US companies will park their developmental labs in non-US locations. I doubt if Biden or his handlers have thought much about this angle to the issue.