Friday, 22 November, 2019

White House decides against outright limits on Chinese investment

White House decides against outright limits on Chinese investment White House decides against outright limits on Chinese investment
Russell Knight | 28 June, 2018, 05:55

President Donald Trump backed away from plans to create tough new restrictions on Chinese investments in the US and USA technology exports to China, defusing one fight with Beijing as American business officials try to head off a looming battle over tariffs.

Washington and Beijing are sparring over China's attempts to supplant US technological dominance, through cyber-theft and policies that force American companies to hand over technology in exchange for access to the Chinese market.

The administration's action grows out of a report by the Office of the U.S. Trade Representative, which concluded that China seeks to acquire American technology through such investments.

"For those who want to say this is being weak on China, the answer is no", Mnuchin said.

"It's going to be very comprehensive and very effective at protecting our technological family jewels in the United States". "The question was, What were the appropriate tools?"

The announcement comes amid an intensifying trade war between United States and China. He says Trump is realizing the US doesn't have the upper hand concerning China.

"The president is unsatisfied with their response on the trade talks and so he put out there the possibility of an additional tariff measure", Kudlow said. The idea was to prevent state-owned or politically connected Chinese companies from buying advanced USA technology. "The ball's in their court".

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President Donald Trump opted instead to rely on legislation to enhance the powers of the committee known as the Committee on Foreign Investment in the United States or CFIUS, which reviews proposed acquisitions of us assets by foreign investors.

Trump also said that he has directed Commerce Secretary Wilbur Ross to examine U.S. export controls and recommend modifications that may be needed "to defend our national security and technological leadership".

Trump said in his statement that upon final passage of the legislation, known as the Foreign Investment Risk Review Modernization Act, he will direct his administration "to implement it promptly and enforce it rigorously, with a view toward addressing the concerns regarding state-directed investment in critical technologies". That announcement said that controls would be announced by June 30 and would "be implemented shortly thereafter".

The president, he said, has led on the issue of foreign competitors, principally from China, which is aggressively acquiring sensitive USA technologies.

President Trump's chief economic adviser Larry Kudlow, who returned to the White House two weeks after being hospitalized for a mild heart attack, is interviewing candidates for two positions on the National Economic Council (NEC) that will be vacated in July. "We have the right tools under this legislation to protect technology", Mnuchin said.

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