In a White House statement, Donald Trump stressed he would direct the swift implementation of the enhanced Committee on Foreign Investment in the United States (CFIUS) legislation and would enforce it after it becomes a law, adding that he had urged the US Congress to send him a bill as soon as possible.
"Upon enactment of FIRRMA legislation, I will direct my Administration to implement it promptly and enforce it rigorously, with a view toward addressing the concerns regarding state-directed investment in critical technologies identified in the Section 301 investigation," Trump said.
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Trump also noted in a statement that if Congress failed to pass strong Foreign Investment Risk Review Modernization Act (FIRRMA) in order to protect "the crown jewels of American technology and intellectual property," he would direct the Administration "to deploy new tools, developed under existing authorities" that would "do so globally."
Addressing the issue, Treasury Secretary Steven Mnuchin previously told CNBC that investment restrictions would apply to "all countries that are trying to steal" the American technologies.
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Previously, National Trade Council Director Peter Navarro said in an interview to CNBC that Washington has no intention to limit Chinese investment in US firms.
"There are no plans to impose investment restrictions on any countries that are interfering in any way with our country," Navarro claimed.
CFIUS is an inter-agency committee, which probes the national security implications of foreign investments in US companies and operations.
