Washington Update

November 30th, 2023
By USCBC Government Affairs
Long story short

Congress is unlikely to reach a compromise on outbound investment in time to include new restrictions in the annual defense authorization bill. A key committee chair is against legislating on outbound investment review, and among those in favor, there is no consensus on the best way forward. Read more

However, we can still expect lawmakers to push for tougher outbound investment restrictions in early 2024. House Foreign Affairs Committee Chairman Michael McCaul has...

November 16th, 2023
By USCBC Government Affairs
Long story short

President Joe Biden and President Xi Jinping walked away from their Wednesday meeting with an agreement to communicate more regularly, institutionalize military-to-military talks, and work together on fentanyl, climate, artificial intelligence, and travel. Afterward, Xi delivered a public address on US-China relations. Read more

As of this week, negotiations on three out of four pillars of the Indo-Pacific Economic Framework are complete. The trade pillar, which is...

November 3rd, 2023
By USCBC Government Affairs
Long story short

The United States and China have agreed “in principle” for President Joe Biden and President Xi Jinping to meet on the sidelines of APEC this month. Foreign Minister Wang Yi had a series of precursor meetings with senior officials while in the United States last week. Read more

On Thursday, Treasury Secretary Janet Yellen gave a major speech on the United States’ economic approach in the Indo-Pacific. She reiterated that the United States is looking not to decouple...

October 26th, 2023
By USCBC Government Affairs
Long story short

USCBC is collecting member feedback to inform our official comments on updated export controls on advanced computers and semiconductor manufacturing equipment. Please submit any feedback on questions USCBC has designated by December 1. Read more

Foreign Minister Wang Yi is currently in Washington, where he will meet with Secretary of State Antony Blinken, National Security Advisor Jake Sullivan, and potentially President Joe Biden. Read more

California Governor...

October 19th, 2023
By Zach Tomatz and Greyson Mann
Long story short The United States has issued new rules to update last October’s export controls on advanced semiconductors and semiconductor manufacturing equipment. The new controls expand the original rule’s geographic scope, cover more technologies than before, and add new company-specific restrictions. China was warned about the controls but was not privy to the specifics. There is a chance that China will retaliate.

On October 17, the Commerce Department’s Bureau of Industry and...

October 12th, 2023
By USCBC Government Affairs
Long story short

A bipartisan congressional delegation led by Chuck Schumer visited China over the weekend. The group met with senior Chinese officials, including President Xi Jinping, and discussed bilateral trade, fentanyl, and Taiwan, among other topics. Read more

The Commerce Department recently added several Chinese companies to the Entity List and granted Samsung and SK Hynix validated end user designations, allowing them to continue supplying US chip equipment to their China...

October 5th, 2023
By USCBC Government Affairs
Long story short

A bipartisan delegation led by Senator Chuck Schumer will head to China next week. The group is meeting with government and business leaders and seeking a meeting with President Xi Jinping. Read more

USCBC expects Commerce to soon release its interim final rule to implement export controls on advanced semiconductors. The update could further align US controls with those of Japan and the Netherlands as well as close loopholes. Read more

The Treasury Department...

September 29th, 2023
By USCBC Government Affairs
Long story short

The Commerce Department published final guardrails for support for US semiconductor firms under the CHIPS and Science Act. The final rules reflect many, but not all, of USCBC’s recommendations. Read more

Republican presidential hopefuls railed into China at their second debate on Wednesday evening. The same day, former president and current Republican frontrunner Donald Trump said in a speech that the Biden administration’s electric vehicle subsidy policy hurts the...

September 21st, 2023
By USCBC Government Affairs
Long story short

Secretary of State Antony Blinken and China’s Vice President Han Zheng met on the sidelines of the UN General Assembly. The next day, Biden’s speech to the UN touched on responsible competition and cooperation where possible. Read more

Representative Andy Barr’s proposal to expand sanctions on certain Chinese companies was approved by the Financial Services Committee and now heads to the full House. However, a potential government shutdown in October could halt...

September 15th, 2023
By USCBC Government Affairs
Long story short

President Joe Biden met with Chinese Premier Li Qiang on the sidelines of the G20 over the weekend. Biden then went on to Vietnam, where the two sides announced a partnership that elevates the US-Vietnam relationship to a higher status. Read more

The House Select Committee on the CCP was in New York City this week to talk with finance executives about risks associated with investing in China. Multiple members of the committee are pushing for the administration to go...

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