Washington : President Donald Trump on Wednesday opted for a less confrontational approach to limit Chinese investment in America, which he believes at times poses a serious challenge to national security.
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 US is committed, and which benefits its economy and people.
“After reviewing the current versions of FIRRMA with my team of advisors — and after discussing them with many members of Congress — I have concluded 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,” he said. “Therefore, upon enactment of FIRRMA legislation, I will direct my administration to implement it promptly and enforce it rigorously, with a view toward addressing the concerns regarding state-directed investment in critical technologies identified in the Section 301 investigation,” Trump said.
At the same time, Trump warned that failure of the Congress to pass strong FIRRMA legislation that better protects the crown jewels of American technology and intellectual property from transfers and acquisitions that threaten national security — and future economic prosperity, will lead his administration to deploy new tools, developed under existing authorities, globally.
