Treasury Department

The discussion draft of the Foreign Investment Risk Review Act that the Senate Banking Committee will mark up on May 22 does not include language that would authorize the Committee on Foreign Investment in the United States to review outbound investments for technology transfers that could harm U.S. national security, a win for companies and business groups that had lobbied against it.

China and the United States failed this week to reach an agreement that would stave off U.S. tariffs, as Beijing rejected a list of demands from the United States ranging from a $200 billion reduction in the U.S. trade deficit over two years to a pledge to end government support for sectors highlighted in the “Made in China 2025” program.

The AFL-CIO has thrown its weight behind the Foreign Investment Risk Review Modernization Act and advised against changes to it.

ITI: “We strongly encourage the administration to build an international coalition that can challenge China at the WTO and beyond. Numerous countries share the United States’ concerns.”

A currency agreement being negotiated by the U.S. Treasury Department and Korea’s Ministry of Strategy and Finance will not be subject to the U.S.-Korea Free Trade Agreement dispute settlement rules, administration officials said Tuesday -- adding that the Trump administration instead will rely on Korea being a “serious” partner that abides by its currency commitments.

President Trump today will direct U.S. Trade Representative Robert Lighthizer to take actions against China’s unfair trading practices that will include raising tariffs on Chinese products and litigation at the World Trade Organization.

President Trump this afternoon will sign a presidential memorandum “targeting China’s economic aggression,” announcing that his administration will impose tariffs on $50 billion worth of Chinese products and directing his Treasury secretary to take action to restrict Chinese investment in the U.S.

Treasury Secretary Stephen Mnuchin has had “very high-level” discussions with his counterparts from Trans-Pacific Partnership countries on a possible return to the trade pact, although re-entry is not a priority for the U.S. today, Mnuchin said Tuesday.