WASHINGTON, DC, June 27, 2018 - In response to this morning’s presidential announcement about investment restrictions, US-China Business Council (USCBC) President John Frisbie issued the following statement:
“The US-China Business Council is pleased that President Trump has chosen to use existing tools for investment reviews and technology export controls to manage the concerns about technology transfer to China.
“At the same time, we need to ensure that we have the right balance between our national security and economic interests. As USCBC testified to the Trump administration during the 301 trade case, national security restrictions on economic activity, including investment, should be as narrowly applied as possible and tied to credible, identified security risks.
“Implementation of the FIRMMA legislation, once passed by Congress, and the review of US export controls called for by the president should maintain this approach and incorporate the best advice from all stakeholders, including the business community.
“USCBC also calls on the US and Chinese governments to step back from their tariff threats and instead launch a results-oriented dialogue to improve intellectual property protections and market access for American companies in China. The business community wants to see solutions to the issues, not sanctions that would harm families and jobs in each country.”