The report’s strategy consists of three pillars that would "level the economic playing field, reduce the PRC’s hold on US and allied critical supply chains, and invest in a future of continued economic and technological leadership for the United States and its likeminded allies and partners," the report said.
The first pillar involves resetting the terms of the US-China economic relationship, arguing that the US government and private sector can no longer "allow companies’ pursuit of profit in the PRC to come at the expense of US national security and economic resilience." It accused China of failing to live up to its trade promises, tightly controlling access to its markets, and stealing hundreds of billions of dollars annually in technology and intellectual property, amounting to a long-term strategy to achieve global dominance (and US subservience) in critical technology and products.
The second pillar called for immediately stemming the "flow of American technology and capital that is fueling the PRC’s military modernization and human rights abuses," while the third involves investing in domestic technological development in order to build America’s economic resilience.
The report sounded the alarm on critical goods that the US is increasingly depending on China to source, including rare earth minerals, certain components used in US weapons systems, and pharmaceutical products and precursors.
Committee Chairman Representative Mike Gallagher said in an interview with The New York Times that he hoped that Congress would collaborate on a major bill on China before the presidential election, warning that Wall Street and the broader economy would suffer from chaos allegedly created by US executive orders.