Donald Trump lowers his tone and decides, at least for the moment, to take a step back in the trade war against China. The President of the United States, through an official position taken by the White House, declared his intention not to impose restrictions on Chinese investments on American technology companies "considered significant from an industrial point of view".
Two days ago, sending the markets into turmoil, the Wall Street Journal he revealed that the US Treasury Department was studying how to introduce heavy limits aimed at preventing companies with more than 25% of the capital owned by China from making direct investments in US hi-tech companies.
At the moment, however, Washington has decided to backtrack, assuring that not even the new controls on exports to China feared on Monday will be introduced.
Through a long text released by the White House, Trump also makes it known that he is satisfied with Congress's progress on the reform of the control system, which he considers "the best approach" towards this issue.
“I have been informed by the Secretary of the Treasury, the Secretary of Commerce, the United States Trade Representative, the President's Economic Policy Advisor, and the Director of the Office of Trade and Manufacturing Policy, among others, that Congress has significant progress in passing legislation that modernizes our tools to protect nation-critical technologies from harmful foreign acquisitions. This law, the Foreign Investment Risk Review Modernization Act (Firrma), will strengthen our ability to protect the United States from new and evolving threats posed by foreign investment while at the same time bolster the strong, open investment climate for which the our country is engaged and that benefits our citizens,” the president said.
