WASHINGTON �� President Donald Trump said Tuesday that he favors using a U.S. committee that scrutinizes foreign acquisitions of American companies to limit Chinese investments in sensitive American technologies.
Trump's remarks at the White House appeared to align him with Treasury Secretary Steven Mnuchin in an internal administration debate over how to curb Chinese acquisition of U.S. intellectual property. Mnuchin has advised using the Committee on Foreign Investment in the U.S. instead of declaring an economic emergency and invoking a little-used 1977 law called the International Emergency Economic Powers Act.
Trump said China would not be the only target, though his March 22 order directing the Treasury Department to consider options on curbing investment restrictions singled out China.
"We have the greatest technology in the world �� people copy it and they steal it �� but we have the great scientists, we have the great brains, and we have to protect that," Trump said. "And that can be done through CFIUS; we have a lot of things we can do it through."
"It's not just Chinese. We don't want people coming in," Trump said. "We are a very smart country. We have the most incredible people in Silicon Valley. We don't want China or other countries."
Congress has been working on legislation to modernize CFIUS and expand its scope. If passed, foreign investors seeking to buy U.S. companies would face stricter rules for regulatory approval. The Trump administration has backed companion proposals from the House and Senate.
