Bipartisan senators introduce bill to give Trump new powers to stop Chinese investment
A bipartisan team of freshman senators who went through some of 2024's biggest battleground races are introducing a bill Wednesday to give President Donald Trump's administration the power to stop investments from Chinese companies in the U.S.
Sens. Bernie Moreno, R-Ohio, Elissa Slotkin, D-Mich., and Tim Sheehy, R-Mont., are sponsoring the Providing Rigorous Oversight Through Evaluation Of Concerning Transactions Act (or PROTECT Act), which would give the Committee on Foreign Investment in the United States new authority to stop both entirely new foreign investment projects in the U.S. or foreign investments in existing facilities.
The bill would 'require the review by the Committee on Foreign Investment in the United States of greenfield and brownfield investments by foreign countries of concern.' The legislation comes after the White House, in a February memo, asked for Congress to 'strengthen' CFIUS' ability to 'restrict foreign adversary access to United States talent and operations in sensitive technologies (especially artificial intelligence).'
In an interview, Moreno said Congress needs to give Trump 'maximum negotiating leverage' to deal with China, and that this legislation contributes to that goal.
'We all went through extremely expensive, extremely tough races," Moreno said of the trio of senators introducing the legislation. "And I think we're probably the most in tune with what voters are thinking right now."
In a statement, Slotkin described the need for the legislation in national security terms, pointing to the importance of keeping 'sensitive American land' out of Chinese, Iranian or North Korean control.
'To address that risk, this bipartisan bill builds on my work in the U.S. House and gives more authority to the Committee on Foreign Investment in the U.S. to examine a broader set of transactions,' she said. 'That means we can stop land purchases that pose an actual risk to our national security.'
The senators introduced the legislation the same day that Trump's 104% total tariff on China went into effect, with the country retaliating with a new 84% tariff on U.S. imports. Moreno promoted Trump's actions and said the senators' legislation is part of a broader effort to counter China, describing tariffs as 'the beginning.'
'You had 50 years where China was allowed into the World Trade Organization, they were given most favored nation trading status, and there was a very naive or corrupt, depending on which individual you're talking about, view that this would be good for America,' Moreno said. 'It has been catastrophically bad. We've now created a monster.'
Last week, Bloomberg reported that China took steps to restrict Chinese companies from investing in the U.S. following Trump's tariff announcement, according to people familiar with the move.
'Unfortunately, there's a strategic adversary, and we have to reset that relationship in a meaningful way,' he continued, adding, 'We don't want to go to war with China, that's not the goal here. But we have to stop being suckers, as President Trump talks about.'
Trump's global tariffs went into effect on Wednesday, as some administration officials suggest there are deals to be made with trading partners while others have said nothing will change the direction of Trump's tariff agenda.
'Well that's going to be up to President Trump, certainly,' Moreno said. 'You hear from his public statements that he's willing and open to listen to proposals. But obviously, China is a separate situation where we have over $1 trillion in debt.'
This article was originally published on NBCNews.com
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