White House won't put new investment restrictions on China
Illustration: Lazaro Gamio/Axios
The White House will not propose new investment restrictions on China or other countries, outside of what Congress was already planning to do, according to senior administration officials.
Be smart: This modest approach comes as Senate Republicans have been considering ways to limit Trump's authority on trade, and is likely to be cheered by Wall Street.
- President Trump will endorse a bipartisan piece of legislation called FIRRMA, which is intended to strengthen the Committee on Foreign Investment in the United States, an existing body that reviews foreign investments in the U.S.
- A version of FIRRMA passed the House overwhelmingly yesterday, and final language is expected to soon be hammered out in conference.
- Nothing new is being announced regarding U.S. tech exports, although there are some export controls in FIRRMA.
- In May, the White House said it "will implement specific investment restrictions and enhanced export controls for Chinese persons and entities related to the acquisition of industrially significant technology. The list of restrictions and controls will be announced by June 30, 2018."
- More: Trump's original sin on trade