Steven Mnuchin, U.S. Treasury secretary

Patrick T. Fallon | Bloomberg | Getty Images

Steven Mnuchin, U.S. Treasury secretary

The Trump administration announced a plan that could put additional restrictions on foreign investment in U.S. companies.

The New York Times reported on Wednesday.

Already this federal panel, called the Committee on Foreign Investment in the United States, or Cfius, has been actively reviewing foreign takeovers of U.S. companies to make sure national security concerns are protected. Earlier this year, Cfius blocked Singapore-based Broadcom‘s attempted takeover of U.S.-based chip maker Qualcomm.

The Trump administration has been trying to prevent China from getting emerging technologies such as 5G, the next generation of wireless. President Trump has been critical of China’s trade practices, which he says restrict access to certain markets and force American firms doing business there to hand over valuable technology and trade secrets.

This comes on top of tariffs the U.S. has slapped on some $250 billion of Chinese imports. China has retaliated with its own set of tariffs on U.S. goods.

President Donald Trump had considered putting a set of sweeping investment restrictions on China but decided to go along with a plan to grant Cifius broader review power, a win for Treasury Secretary Steven Mnuchin who had been working behind the scenes to diffuse the trade spat, the NYTimes reported.

Read the NYTimes story here.

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