Trump targets China with biggest salvo so far in second term
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In recent days, President Donald Trump has rolled out a memorandum telling a key government committee to curb Chinese spending on tech, energy and other strategic American sectors. At the same time, the administration called on Mexican officials to place their own levies on Chinese imports – a move that comes after Chinese firms moved production to the US neighbor to get around duties the Republican enacted in his first term.
The US also proposed fees on the use of China’s commercial ships to counter the nation’s dominance in the production of the vessels. Chinese shipping stocks fell after the proposal, while the benchmark CSI 300 Index fluctuated.
Taken together, the steps amount to the most sweeping, forceful action targeting China that Trump has rolled out during his second term. The memo with the order to the Committee on Foreign Investment in the United States — a secretive panel that scrutinizes proposals by foreign entities to buy US companies or property – seems to be the most impactful of the flurry of actions in recent days.
Referring to Beijing as a “foreign adversary,” it says the changes are needed to protect “the crown jewels of United States technology, food supplies, farmland, minerals, natural resources, ports, and shipping terminals.”
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