Trump says USA ready to review Chinese investment deals
U.S. President Donald Trump said he will use a strengthened security review process to deal with threats from Chinese investments
This is if they are looking to acquire U.S. technologies instead of imposing China-specific restrictions.
The Treasury Department has recommended that Trump use the Committee on Foreign Investment in the United States (CFIUS), whose authority would be enhanced by new legislation in Congress, to control transactions. The legislation expands the scope of deals reviewed by the interagency panel to effectively address national security concerns.
“I have concluded that such legislation will provide additional tools to combat the predatory investment practices that threaten our critical technology leadership, national security, and future economic prosperity,” Trump said in a statement.
He added that upon final passage of 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.”
If Congress fails to pass the legislation quickly, Trump said, he would direct the administration to implement new restrictions under executive authority that could be applied globally.
Published: by Radio NewsHub