The Trump government will broaden and tighten the investigation of foreign investments in the United States to limit the acquisition of technologies considered sensitive to national security.
Mnuchin had advocated a more cautious approach using Congress-sanctioned authority, while Navarro, the government's harshest critic of China, said the investment restrictions would be China-specific.
The Ministry of Commerce is still reviewing increased export controls that would cease US companies are shipping certain technology to China.
Trump and his associates described their tariffs as retaliation for what they call unfair Chinese trade practices, including theft of technology and intellectual property.
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The chief executive described CFIUS as an extremely effective tool to deal with Protect national security interests in the US from "strategically motivated foreign investment". The United States had a trade deficit of $ 552 billion a year ago with the rest of the world ̵
David Dollar, the Obama administration's top economic ambassador to the Treasury Department, called Trump's approach to China "chaotic" and said it left Beijing confused about its past goals. "For this reason, comprehensive investment restrictions are a cumbersome instrument that inherently carries the risk of being over-inclusive or under-funded."
In March, Trump instructed Mnuchin to consider restrictions that address concerns over Chinese investment. in industries or technologies that are considered important to the United States. "He said controls would be announced by June 30 and would be implemented" shortly thereafter. "
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Despite public statements weakening their stance, the Trump administration could still crack down on Chinese investment in US technology companies.
These reports triggered a sell-off of technology stocks. "We have an economy that's here because of the president's tax planning and the president's regulatory discharge, and we've always said that trade is part of it."
On Tuesday, the House easily approved a bill that should reinforce the overseas foreign investment reviews now being handled by the Foreign Investment Committee in the United States or CFIUS.
"At the end of the day, all of the President's advisers were 100 percent unanimous when we sat down with the President," Mnuchin said. One version was added to the Senate Defense 2019 version of the version, which was passed earlier this month.
"This is not intended to target China," Mnuchin said. "It avoids the use of emergency powers, which would have created a new ad hoc and highly uncertain framework," said Robert Kahn, a professor at the American University, who previously worked at the World Bank and the International Monetary Fund.
Officials Contemplated Limitations Chinese companies, which acquired more than 25 percent of American companies using sensitive technology, reacted negatively to easing by a prominent Republican.
The Chinese government criticized a move by the US to expand foreign investment watchdog.
Through this review, the US will assess its export controls and make any necessary modifications to strengthen them to defend national security and technology leadership.