Trump Backtracks, Turns to Congress to Police China, Others

30 June, 2018, 19:46 | Author: Donnie King
  • Neal Hudson 
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Stock markets surged Wednesday following President TrumpDonald John TrumpCrowley stunner tops huge night for left Trump congratulates Romney on primary win Judge orders Trump admin to begin reuniting immigrant families MORE's decision not to impose new executive restrictions on foreign investments.

It comes as the U.S. and China both prepare to slap tariffs on $34bn worth of each others' goods.

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 USA assets by foreign investors. The president has threatened to impose an estimated $450 billion in tariffs on Beijing in an effort to reverse what he has labeled as bad trade deals with China.

Trump in a statement said the Foreign Investment Risk Review Modernisation Act (FIRRMA), will enhance American ability to protect the country from new and evolving threats posed by foreign investment while also sustaining the strong, open investment environment to which the United States is committed, and which benefits its economy and people.

In his approach to China, Trump repeatedly has oscillated between tough talk and conciliation.

The measure gives the Committee on Foreign Investment in the United States more power to review sensitive investments involving China, Russia and state sponsors or terrorism, allows reviews of land purchases near USA military installations and ports and could stop key technology from being exported to China and other countries.

The comments Wednesday stood in contrast to a White House statement on May 29 that said "the United States will implement specific investment restrictions and enhanced export controls for Chinese persons and entities related to the acquisition of industrially significant technology".

Both the House and Senate have passed versions of a bill to increase the panel's authority to review a variety of investments not covered under current law, including minority stakes.

President Donald Trump's shift on the market-moving issue came after a global stock selloff Monday triggered by an exchange of hawkish new trade threats between the world's two largest economies.

"It shows the Chinese that the Trump administration is still undependable and can be moved back from the most hardline positions", Kennedy added. The panel vets certain deals that could give foreign investors control of a USA business for national security concerns. Trump, meanwhile, is directing the Commerce Department to review the Export Control Act with an eye on recommending ways to revamp the law, which is designed, in part, to limit access to the most sensitive US technology and weapons for national security purposes. "It's confused the Chinese about what the USA really wants".

Chinese investment in the United States has declined dramatically amid heightened regulatory scrutiny.

Trump says in a statement on Wednesday 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".

Indeed, they have even advised American companies and individuals not to buy their products. -China trade conflict, got an early lift from Trump's announcement.

"Mnuchin, it seems like he is prevailing on a lot of these disputes", said Steve Moore, who was a top economic adviser to Trump during the campaign.



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