Trump says security panel can protect U.S. technology from China

Trump says security panel can protect U.S. technology from China

President Donald Trump endorsed U.S. Treasury Secretary Steven Mnuchin’s measured approach to restricting Chinese investments in U.S. technology companies, saying a strengthened merger security review committee could protect sensitive American technologies, Reuters reports.

Trump, in remarks to reporters at the White House, said the approach would target all countries, not just China, echoing comments from Mnuchin on Monday amid a fierce internal debate over the scope of investment restrictions due to be unveiled on Friday.

“It’s not just Chinese” investment, Trump told reporters when asked about the administration’s plans.

Mnuchin and White House trade adviser Peter Navarro sent mixed signals on Monday about the Chinese investment restrictions, ordered by Trump on May 29. Mnuchin said they would apply to “all countries that are trying to steal our technology,” while Navarro said they would be focused specifically on China.

The restrictions are being developed to help put pressure on China to address the administration’s complaints that it has misappropriated U.S. intellectual property through joint-venture requirements, unfair licensing policies and state-backed acquisitions of U.S. technology firms.

Mnuchin would prefer to use new tools associated with pending legislation to enhance security reviews of transactions by the Committee on Foreign Investments in the United States (CFIUS), some administration officials have said.

A government official told Reuters on Sunday that Treasury had been working on a proposal to ban acquisitions of U.S. firms with “industrially significant technology” by companies with at least 25 percent Chinese ownership.

Asked about the pending restrictions at a White House meeting with Republican lawmakers on Tuesday, Trump said: “We have the greatest technology in the world. People copy it. And they steal it, but we have the great scientists, we have the great brains and we have to protect that and we’re going to protect it and that’s what we’re doing.

“And that can be done through CFIUS. We have a lot of things we can do it through and we’re working that out,” he said.

Prior to the meeting, Mnuchin was seen by reporters in the West Wing of the White House. A Treasury spokesman did not respond to a Reuters request for comment.

The U.S. House of Representatives passed legislation on Tuesday to strengthen the authority of CFIUS by a 400-2 vote, with many similarities to a Senate-passed bill. Both versions would expand CFIUS reviews to minority stakes in U.S. companies and investments that may reveal information on critical infrastructure to foreign governments.

Trump’s intensifying list of trade disputes with China, the European Union, Canada and Mexico showed signs of influencing Federal Reserve policy on Tuesday. Atlanta Fed President Raphael Bostic said in Birmingham, Alabama, that increased tensions could cause him to oppose a fourth rate increase this year.

Trump said earlier on Twitter that his administration was “finishing up” its study of tariffs on U.S. car imports, suggesting that he would take action soon.

The Alliance of Automobile Manufacturers, a trade group, said it would file written comments in the study warning that a 25 percent tariff on imported passenger vehicles would cost American consumers $45 billion annually, or $5,800 per vehicle.

Tariffs of 25 percent on an initial $34 billion worth of Chinese imports are due to take effect on July 6, with a further $16 billion undergoing a vetting process for activation later this summer.

Should China follow through on its vow to retaliate in equal measure with tariffs on U.S. soybeans, cars and other goods, Trump has threatened to impose 10 percent tariffs on a further $400 billion worth of Chinese goods.

A Reuters analysis of the tariff lists found that most of the Chinese products targeted thus far are classified as intermediate or capital goods - avoiding a direct tax on voters - but many consumer goods have been caught up in the net, and will be targeted in future rounds.

Trump on Tuesday also threatened Harley-Davidson Inc with higher taxes if it proceeds with a plan to move some production out of the United States to avoid the EU’s retaliatory tariffs on American motorcycles.

Subscribe to Trend in Google News! Subscribe
German companies interested in expanding economic co-op with Azerbaijan
German companies interested in expanding economic co-op with Azerbaijan
Share of households with internet access increases in Georgia
Share of households with internet access increases in Georgia
Russia’s Korona Pay eyes expanding money transfers via Azerbaijan's mobile banking apps
Russia’s Korona Pay eyes expanding money transfers via Azerbaijan's mobile banking apps
Loading Bars
Latest
Uzbekistan to produce its first electric cars
Turkey's steel export to Uzbekistan surges in value for 9M2021
Turkey shares data for cargo traffic via domestic ports from Ukraine in 8M2021
Azerbaijani, Slovak FMs holding expanded meeting
Turkmen state concern to buy chemical products via tender
Azerbaijan’s 'Kalbajar' tanker leaves for first voyage
Renewables’ share in global energy supply to increase to over 25%
Georgia shares data on COVID-19 cases for October 19
Iran discloses volume of exports from Parvizkhan border terminal
PwC announces new strategy: The New Equation
India’s active Covid cases fall below 200k for the first time in seven months
Russia’s investments in US government securities in August remain at July level
Death accident takes place during construction of road in Azerbaijan's Kalbajar
Quake off Greece's Karpathos shakes eastern Mediterranean
Renewable Energy Agency talks on projects in Azerbaijan’s liberated lands
Israel's El Al Airlines starts talks to buy smaller rival Arkia
NEQSOL Holding ​comments on its intent to purchase shares in Ukraine’s largest cement producer
Azerbaijani president receives Slovak FM (PHOTO)
Azerbaijani president receives EU Special Representative (PHOTO)
Iran COVID-19 vaccinations on track - President Raisi
Iran continues to sell state-owned property
Iran textile industry faces smuggling challenges - official
Turkey names volume of cargo traffic via its ports from China for 8M2021
Turkmenistan’s education ministry opens tender for drip irrigation system
Turkey reveals volume of cargo shipment via local ports from Belgium for 8M2021
Iran boosts exports to Pakistan
Number and value of exchanged checks in Iran increases
Kazakhstan to develop railway corridors to China
Azerbaijan notes decrease in oil prices
Uzbekistan, Int'l Foundation for Electoral Systems discuss co-op prospects
Turkmen Khazar Consortium opens tender for building materials
Azerbaijan repairing small hydropower plants in liberated lands
Iran provides land for affordable housing project
Iran shares data on trade turnover with ECO member states
Iran sees increase in exports to Azerbaijan
TBC Capital publishes weekly economic review of Georgia
Most COVID-19 infection cases in Azerbaijan fall on Baku
Heydar Aliyev Center in Baku to hold concert of famous European chamber orchestra
Iran cannot accept loss of control for "gray zone" of drug trafficking via Karabakh - analyst
Colder winter could boost gas to oil switching demand
'Umblical cord': In Israel, Jaishankar hails contribution of Indian Jewish community
Further boost in OPEC+ output could risk building inventories above five-year average
India, US, Israel & UAE coming together to form a 2nd Quad?
Azerbaijani army starts command post exercises in Lachin district
Iranian currency rates for October 19
Iran makes investments in oil and gas fields in Ilam Province
Saipem to adopt Honeywell Forge software to create digital twin
Iberostar to purchase 10 tons of hydrogen
Uzbekistan completes construction of new airport in Sokh district
Karabakh’s rivers must be cleaned up before return of population – Azerbaijani deputy minister
Russia, Azerbaijan progressively developing co-op in agriculture – Russian ministry
Black Sea Trade and Development Bank launching new tender
India, Israel to start talks on free trade agreement next month
Baku International Sea Trade Port sees increase in cargo transshipment for 9M2021
Mexico to begin packaging Sputnik V vaccine in second half of November
Oil prices fall as weaker China growth, U.S. output stoke demand concerns
Turkmenistan’s enterprise launches filament lamps production
Germany might offer its experience in restoration of Azerbaijan’s Karabakh
Toshkent Metro to be under jurisdiction of Transport Ministry of Uzbekistan following presidential decree
Top U.S. envoy to Afghanistan stepping down
Georgia reveals TOP-10 of largest energy consumers in country
Over 70% of Iranians already received first dose of COVID-19 vaccine - Iranian President
Iran's ministry shares financial data on backing its industrial, mining enterprises (Exclusive)
COVID-19: Kazakhstan adds over 1,300 fresh cases in 24h
N.Korea fires ballistic missile as military activity surges
Algeria lifts lockdown nationwide amid drop in COVID-19 cases
Road crash kills 11 in Ecuador
Turkey summons envoys of 10 countries over Kavala statement
Gunmen kill at least 43 in northern Nigeria - state governor
Apple introduces M1 Pro, M1 Max chips
Number of COVID-2019 cases across globe exceeds 240 mln
Morocco police seize over one tonne of cocaine in Tangier port
Latvia announces four weeks of lockdown as COVID-19 cases spike
Chronicles of Victory: President Ilham Aliyev interviewed by Russian TASS news agency on October 19, 2020 (PHOTO/VIDEO)
Chronicles of Victory: October 19, 2020
Occupation Museum, Memorial Complex and adjacent Victory Park will be built in Fuzuli
Israel congratulates Azerbaijan on Independence Restoration Day
Turkish President congratulates Azerbaijan on Independence Restoration Day
Tigray forces say air strikes hit Ethiopia's Mekelle, government denies
Czech president too ill to work, politicians discuss relieving him of duties
PMs discuss Belarus-Kazakhstan economic cooperation
Pentagon chief says US values Georgia as strategic partner
Azerbaijan's flag illuminated on TV tower in Georgia due to anniversary of restoration of Azerbaijan's independence (PHOTO)
Iran unveils details of its trade turnover with Oman
Bahar Azadi gold coin price continues to fall in Iran
Iran’s Lavan Oil Refining Company reveals products on sale at IRENEX
Post Bank of Iran sees increase in revenues
Price of Turkmen gas supplied to China grows - Wood Mackenzie
Turkey's Presidential Administration congratulates Azerbaijan on Independence Restoration Day
Azerbaijan shares data on number of vaccinated citizens
Azerbaijan confirms 1,245 more COVID-19 cases, 409 recoveries
Georgia and US sign Memorandum of Understanding
Uzbekistan Railways expanding transport, logistics co-op with sea and dry ports
Azerbaijan to hold new auction for state property facilities
Saudi fast-food franchise operator Alamar Foods considers IPO
French ambassador makes statement on occasion of Azerbaijan's Independence Restoration Day
German companies interested in expanding economic co-op with Azerbaijan
EU has exported over 1 bln COVID-19 vaccines
U.S. manufacturing output declines in September
Azerbaijan issues startup certificates to more SMEs
All news