GAO Reviews China-US Economic Competition and CBP Shortfalls
A "snapshot" report just released by the Government Accountability Office reminded Congress that the GAO has studied -- and made recommendations -- on many aspects of how to manage economic competition with China, including providing more resources to the Committee on Foreign Investment in the United States, improving information sharing with companies to keep more counterfeits out of U.S. commerce, and improving the tariff exclusions process for steel and aluminum imports.
The snapshot also linked to a report that said that CBP needs to mitigate non-payment risk for trade remedy duties and to reduce its payment processing errors, and said this is still something that needs to be fixed eight years later (see 1608160032).
On CFIUS, the GAO said that not only is the growing workload and transactions' complexity a challenge, but that the administration still needs to determine whether more legislation is required on investment screening.