Gala 2024
USCBC Reacts to US Treasury Department’s Proposed Outbound Investment Rule Involving ‘Countries of Concern’ Announced Today
WASHINGTON, DC—June 21, 2024—The US-China Business Council (USCBC), a private, nonpartisan, nonprofit organization of more than 270 American companies that do business in China, today reiterated its support for a ‘small yard, high fence’ approach following the release of the US Treasury Department’s proposed rule to implement President Biden’s Executive Order on “Addressing United States Investments in Certain National Security Technologies and Products in Countries of Concern.”
“USCBC supports the Biden administration’s efforts to protect US national security while also ensuring robust commercial exchange with China for the benefit of American companies, workers and our economy,” USCBC President Craig Allen said. “We look forward to analyzing and commenting on the proposed rule based on our earlier public comments, which stressed the importance of adhering to a ‘small yard’ approach given the vast majority of trade with China does not involve US national security.”
USCBC submitted comments last September following the release of the executive order and advanced notice of proposed rulemaking (ANPRM) announcing plans to restrict certain US outbound investments. Top issues USCBC outlined then included: ensuring the final rule is targeted to achieve specific national security objectives; making sure the new rules are clear and implementable; clarifying definitions for covered transactions, national security technologies and products and artificial intelligence; and ensuring the rules are not implemented unilaterally by pushing other countries to pursue similar policies.
“We appreciate the consultations we have had with the administration and the opportunity to provide public comments last fall,” Allen said. “We will continue to advocate for US companies and the need for clear guidelines, a targeted approach and rules that can be implemented across many countries to ensure US companies are not disadvantaged.”
Established in 1973, USCBC represents many of the world’s largest brands doing business in China and for more than 50 years has advocated on behalf of its members, while promoting the many benefits of commercial exchange between the United States and China.
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