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ARTICLE · 06 MARCH 2025

America First Investment Policy Sets Sights On China

Bass, Berry & Sims PLC
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On February 21, the Trump Administration released the America First Investment Policy (the memo or memorandum).

GlobalGovernment, Public Sector
Faith Dibble
Faith Dibble
Thaddeus R. McBride
Thaddeus R. McBride

On February 21, the Trump Administration released the America First Investment Policy (the memo or memorandum). The wide-ranging memo formally targets investment from the People's Republic of China, including Hong Kong and Macau (collectively, the PRC), in sensitive U.S. sectors, modifies aspects of the Committee for Foreign Investment in the United States (CFIUS) process, and proposes new restrictions on outbound investment.

The memo reinforces a central theme behind other Trump Administration trade actions — "[e]conomic security is national security." The memo seeks to "make the United States the world's greatest destination for investment" while balancing "new and evolving threats" from foreign investment. We unpack some of the key takeaways below.

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