Treasury Department

The Wisconsin Democrat decries “a roughly $59 billion total trade impact – almost double the approximately $32.5 billion of tariffs the U.S. has levied against Chinese imports under Section 301.”

Proposed changes to duty drawback rules issued by the Treasury Department and Customs and Border Protection are drawing fire from a number of industry groups that fear the new rules would limit companies' ability to recoup paid tariffs and taxes.

The U.S. has asked Beijing for “ministerial-level” talks in either Beijing or Washington, DC, in the coming weeks, the Wall Street Journal reports.

“It’s important for them to get this deal, and it’s important for us. I think we’ll be successful, but if we don’t, we’ll move forward with Mexico and then we’ll reach a separate agreement with Canada.”

Mnuchin says it will “strengthen CFIUS and enhance the government’s capacity to protect critical technology while keeping the U.S. open to investment.”

Defense and Treasury officials said “addressing these investments may require legislative action,” the report states.

The House on Tuesday voted overwhelmingly for the Foreign Investment Risk Review Act to expand the jurisdiction of the Committee on Foreign Investment in the United States, which President Trump suggested might be enough to protect companies in the U.S. from nefarious Chinese investments.

With Commerce Secretary Wilbur Ross unable to seal commitments from China to purchase agricultural and energy products after meeting with Chinese officials this weekend, sources and analysts see fading chances for a negotiated outcome between the United States and China that would forestall tariffs on $50 billion worth of Chinese goods from the Trump administration.

The Trump administration’s plan to impose tariffs and investment restrictions on China, announced on Tuesday, caught Beijing by surprise, with China claiming the U.S. move contradicted an agreement reached between the two countries earlier this month.