President Donald Trump is ordering the reversal of a years-old purchase of audio visual technology equipment supplier Jupiter Systems by China-based Suirui Group, saying in a Federal Register notice released July 10 that the deal threatens U.S. national security. Suirui, which describes itself as a supplier of communication cloud products and services, must divest from Jupiter within 120 days, unless the company is granted an extension by the Committee on Foreign Investment in the U.S.
The Trump administration plans to take several steps to address foreign ownership of American farmland, including pursuing congressional and state legislation and executive action to ban purchases by China and other foreign “adversaries,” USDA announced July 8.
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Recent Japanese regulatory reforms and increased enforcement could signal a more "assertive stance” around foreign investment screening, Freshfields said in a client alert last week. The trend in Japan appears to mirror developments with the Committee on Foreign Investment in the U.S., which “has become increasingly assertive in reviewing foreign direct investment.”
The House approved bills late June 23 dealing with anti-piracy sanctions and foreign investment in U.S. farmland.
Senate Banking Committee Chairman Tim Scott, R-S.C., announced June 18 that he is reintroducing a bill that would require the Committee on Foreign Investment in the U.S. to annually update its list of sensitive military, intelligence and national laboratory facilities. The Protect Our Bases Act is intended to ensure CFIUS reviews foreign land purchases near sensitive sites. The legislation, which Scott previously introduced in the last Congress, has 11 co-sponsors, all Republican.
President Donald Trump has nominated acting Treasury Department general counsel Chris Pilkerton to be assistant treasury secretary for investment security, overseeing the Committee on Foreign Investment in the U.S., the White House told the Senate on June 2.
Although the Trump administration is calling the recently announced deal between Japan-based Nippon Steel and U.S. Steel (see 2505290058) a "partnership," it’s still a traditional acquisition that includes a national security agreement with the Committee on Foreign Investment in the U.S., panelists said this week.
Export Compliance Daily is providing readers with the top stories from last week, in case you missed them. You can find any article by searching for the title or by clicking on the hyperlinked reference number.
DOJ should investigate Chinese autonomous-trucking company TuSimple for violating U.S. export controls, Sen. Josh Hawley, R-Mo., said May 30.