(Source: "International Business Daily" 2025-02-26)
On February 21, Eastern Time, US President Trump signed a memorandum of the "U.S. First w88 Policy". The memorandum involved two major items: one is to restrict w88 in the United States by third-country companies associated with China. The second is to limit China's direct w88 in key areas of the United States.
The U.S. government's measures to strengthen China's w88 restrictions on the United States are a continuation of Trump's w88 protectionist actions during his first administration. In August 2018, the Foreign w88 Risk Review Modernization Act (FIRRMA) signed by Trump has a strong intention to review and restrict China's direct w88 in the United States, and clearly put forward the concept of "special attention to the country" and add specific requirements for the "China Special Report".From the traffic, China's direct w88 in the United States fell by nearly 50% year-on-year in 2019, less than a quarter of what was before Trump took office for the first time. However, it has increased by 2023, but it has not returned to the 2016 level. A large number of Chinese-funded enterprises were forced to withdraw or cancel transactions before submitting reviews to the United States, which significantly increased unapproved cases.From the perspective of industry distribution, Due to the special provisions on critical infrastructure, key technologies, and personal sensitive information, Chinese investors have to turn to other fields. The proportion of w88 flows in the US manufacturing industry in 2023 dropped from 35.3% in 2016 to 17.8%, and the information transmission, software and information technology services industry dropped from 29% to 3.9%. However, the scientific research and technical services industry achieved a slight growth, from 7.2% to 11.9%.
So, compared with FIRRMA, the "US First w88 Memorandum" not only imposes large w88 restrictions more targetedly, but also generalizes the so-called key areas. In this situation, the memorandum may have the following impact:First, broader w88 restrictions will reduce domestic employment opportunities in the United States and weaken the vitality of the U.S. economy.Foreign w88 is a key source of support for U.S. employment, innovation and economic growth. As for China alone, by the end of 2023, Chinese companies established more than 5,100 companies in the United States and hired more than 85,000 foreign employees. If the job creation driven by other countries' w88 in the United States is added, this w88 restriction will directly reduce domestic jobs in the United States.Second, w88 restrictions in emerging fields will hinder global technological cooperation and undermine the global innovation ecosystem.In recent years, Chinese companies have made significant technological breakthroughs in the fields of artificial intelligence, quantum computing, 5G communications, etc., and are the core force leading the development of global science and technology. The United States' w88 restrictions on China in key areas will hinder China-US technical cooperation, which will not only damage the technological competitiveness of American companies, but will also have a negative impact on the global innovation ecosystem.Third, intervention in the normal w88 activities of enterprises will distort the global w88 pattern and accelerate the deep reconstruction of the industrial chain and supply chain.In order to avoid the increasing risk of scrutiny in the United States, companies may reduce w88 in the United States, diversify w88 risks through diversified layout, and transfer production, R&D and supply chains to countries with a looser regulatory environment and more transparent and stable policies, which will lead to in-depth adjustment and accelerated reconstruction of the global industrial chain and supply chain.
To sum up, the memorandum of the "US First w88 Policy" is a typical manifestation of the generalization of w88 protectionism and national security in the United States. It is a hegemonic act that interferes with the normal w88 activities of enterprises and is not conducive to the development of China and the United States and the global economic development. At present, global economic growth is slowing down and full of uncertainty. Only by adhering to openness and win-win cooperation can global challenges be solved.
附：Original link
https://mp.weixin.qq.com/s/1f_XTynSsuOGxkSUxmR0ww
