Following reports from various media outlets on Monday that the U.S. will further crack down on China’s technology Treasury Secretary Steven Mnuchin took to Twitter to clarify what the administration’s moves will be.
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Earlier, there were various news reports that Trump would place new curbs on Chinese investment in U.S. technology firms and would block additional technology exports to Beijing.
According to The Wall Street Journal, initiatives were designed to prevent Beijing from moving ahead with plans outlined in its “Made in China 2025” report to become a global leader in 10 broad areas of technology.
People familiar with the matter told The Wall Street Journal that the Treasury Department is drafting rules that would block firms with 25% or more Chinese ownership from buying companies that are involved in “industrially significant technology,” while the National Security Council and the Commerce Department are putting together plans for “enhanced” export controls to prevent these technologies from being shipped to China.