China Trade & Tech

Sen. Rounds: Deal close on Crapo-backed trade amendment vote

Editor's note: See here for the latest developments on Thursday. The Senate is nearing a deal that would bring to the floor a vote on an amendment that would extend two expired trade preferences programs, though the agreement hinges on the support of one senator whose staff is recommending he support the deal, Sen. Mike Rounds (R-SD) told reporters on Thursday. The Senate for several hours has been holding open a cloture vote on a substitute amendment offered by...

Citing limited budget, new NSF tech directorate prioritizes four areas

The National Science Foundation’s new technology-focused directorate, established and funded by the CHIPS and Science Act, has revealed an investment strategy for just four of the 10 areas Congress instructed it to prioritize because the fledgling branch does not have enough funding to immediately focus on all 10. The CHIPS and Science Act, signed into law in August 2022 and billed as necessary to compete with China’s growing technological capabilities, authorized NSF to establish the Technology, Innovation and Partnerships Directorate...

Stakeholders warn Treasury against unilateral outbound regime

The U.S. should not unilaterally impose a regime to limit U.S. outbound investment to certain countries because it would put American businesses at a significant disadvantage against foreign competitors and set a bad precedent for other economies that are formulating their own outbound screening mechanisms, U.S. and foreign stakeholders warned the Treasury Department. Treasury published a draft rule in June that is intended to prevent U.S. investment from funding technological innovation that could be used for military purposes in countries...

McHenry: Knowledge standard proves ineffectiveness of outbound plan

The Treasury Department’s inclusion of a “knowledge standard” in its proposed rule to create an outbound investment screening mechanism proves it is “misguided and ineffective,” House Financial Services Chair Patrick McHenry (R-NC) has told the agency. Treasury last month published a notice of proposed rulemaking laying out how it would implement an August 2023 executive order that directed the department to restrict certain U.S. investments destined for countries of concerns, principally China. Comments on the proposed rule were due on...

China promises mechanisms to counter foreign sanctions, interference

The Chinese government on Sunday laid out a host of economic reforms it plans to undertake in the coming years, including a promise to strengthen mechanisms to counter “foreign sanctions, interference, and long-arm jurisdiction,” according to a policy document. Chinese political leaders last week met for the economic-focused Third Plenum -- one of the regular gatherings of the Chinese Communist Party’s Central Committee. On Sunday, the committee released the nearly 18,000-word resolution it adopted at the plenum, which concluded on...

BIS takes reins of ICT supply chain regulations

The Commerce Department on Thursday redesignated jurisdiction over regulations implementing an executive order on the information and communications technologies supply chain away from the Office of the Secretary to the Bureau of Industry and Security. A May 2019 executive order required Commerce to review ICTS transactions involving foreign adversaries, such as China. Regulations implementing the order were initially the responsibility of the Commerce secretary’s office until Congress created the Office of Information and Communications Technology and Services within BIS via...

Johnson: House to move China bill with outbound, de minimis measures

The House is working to pass China-focused legislation this fall that will include provisions on how to restrict outbound investment to China and revoke de minimis privileges for goods subject to tariffs under Section 301 of the Trade Act of 1974, Speaker Mike Johnson (R-LA) said on Monday. “In the short time remaining in this Congress ... the House will be voting on a series of bills to empower the next administration to hit our enemy’s economies on day one,”...

New House bill would make it easier for administration to limit export of AI models

A new, bipartisan House bill crafted with input from administration officials would make it easier for the president to restrict exports of artificial intelligence systems and other emerging technologies, its sponsors say. The “ Enhancing National Frameworks for Overseas Restriction of Critical Exports Act ” -- introduced by House Foreign Affairs Committee Chair Michael McCaul (R-TX), House Select Committee on the Chinese Communist Party Chair John Moolenaar (R-MI) and ranking member Raja Krishnamoorthi (D-IL), and Rep. Susan Wild (D-PA) --...

What’s the big idea? Section 301 tariffs on Chinese products have been in place for nearly six years -- and the U.S. has shown no signs of letting up anytime soon. Quite the opposite, actually: All signs are pointing to a Biden administration announcement that at least some of those tariffs, initially imposed on $370 billion worth of Chinese goods, will be increased, while others -- many? most? all? -- stay the same. In other words, no major cuts to...

China Trade & Tech

What’s the big idea? It’s not easy being green. The U.S. and China are challenging each other’s climate-focused industrial policies in the name of fair competition, further exposing the tension between the green transition and the old international trade order. The latest criticism is again focused on Chinese policies. Secretary of State Antony Blinken was in China this week and raised concerns about Chinese industrial overcapacity, a drum Treasury Secretary Janet Yellen has been banging before, during and after her...

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