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WASHINGTON-Secretary of the Treasury
Steven Mnuchin
said that the investment restrictions proposed by the Treasury Department, as part of the ongoing trade battle against China, will not specifically name Beijing but will target "all countries that are trying to steal our technology".
In a tweet, Mnuchin called the Wall Street Journal and Bloomberg News reports about investment restrictions of "fake fake news" based on information provided by an anonymous source that "does not exist." or knows the subject very well.
But the Treasury Secretary's tweet contradicts the White House's statement on May 29 on investment restrictions.
"To protect our national security, the United States will put in place specific investment restrictions and will strengthen export controls for Chinese individuals and entities related to the acquisition of technology and technologies. industrial importance, "the statement said.
The Wall Street Journal reported Sunday that the administration was planning "to increase trade tensions by preventing Chinese companies from investing in US technology companies and by blocking additional technology exports to Beijing" .
The twin initiatives, which will be announced by the end of the week, are aimed at preventing Beijing from moving forward with the plans outlined in its "Made in China 2025" report to become a world leader in 10 major technology areas. , including information technology, aerospace and electric vehicles.
The Wall Street Journal reports were based on interviews with government officials involved in the two trade initiatives and groups, investment experts and other people who regularly discuss with the administration and are deeply informed of their initiatives. For one person, they all said that the initiatives were aimed directly at Beijing. Some of these people support Mr. Mnuchin; others are critics.
National security reviews of acquisitions by the US Foreign Investment Committee concern all foreign countries. But CFIUS has recently focused on the purchases of Chinese technology companies, especially semiconductor companies. A bill that goes through Congress to reinforce the CFIUS exams does not specifically name China, but legislators have made it clear that Beijing is at the center of their attention.
Trump administration officials continue to discuss the latest details of their plan, which is expected to be released by June 30.
Write to Bob Davis at [email protected]
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