Mnuchin rips reports of Chinese investment restrictions as 'fake news'

Mnuchin rips reports of Chinese investment restrictions as 'fake news'
© Greg Nash

Treasury Secretary Steven MnuchinSteven MnuchinThe Hill's Morning Report - Presented by Goldman Sachs - Biden rallies Senate Dems behind mammoth spending plan Mnuchin dodges CNBC questions on whether Trump lying over election Democrats justified in filibustering GOP, says Schumer MORE on Monday ripped reports that the administration is planning to curb Chinese investments. 

"On behalf of @realDonaldTrump, the stories on investment restrictions in Bloomberg & WSJ are false, fake news," Mnuchin said in a tweet. 

"The leaker either doesn’t exist or know the subject very well," he added. "Statement will be out not specific to China, but to all countries that are trying to steal our technology."

 

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The Wall Street Journal reported late on Sunday that President TrumpDonald TrumpMeghan McCain: Democrats 'should give a little credit' to Trump for COVID-19 vaccine Trump testing czar warns lockdowns may be on table if people don't get vaccinated Overnight Health Care: CDC details Massachusetts outbreak that sparked mask update | White House says national vaccine mandate 'not under consideration at this time' MORE planned to block Chinese companies from investing in U.S. tech companies and stop U.S. tech exports to China.

The newspaper reported that the Treasury Department is drafting rules that would prevent companies with a minimum of 25 percent Chinese ownership from buying companies that take part in “industrially significant technology.”

The administration's plans are set to be unveiled later this week, it added.

Bloomberg reports that the administration has labeled aerospace, new-energy vehicles, and robotics as a threat to economic and national security. 

Politico, meantime, reports that the aggressive moves were spearheaded by U.S. Trade Representative Robert LighthizerBob LighthizerBiden moves to undo Trump trade legacy with EU deal Whiskey, workers and friends caught in the trade dispute crossfire GOP senator warns quick vote on new NAFTA would be 'huge mistake' MORE and White House trade adviser Peter Navarro. 

The reports come amid increased trade tensions between the U.S. and China. 

Trump last week announced he would impose tariffs on $50 billion worth of Chinese goods.

China's Commerce Ministry hit back, accusing the Trump administration of being “fickle” and “provoking a trade war." 

"This move is not only damaging bilateral interests but also undermining the world trade order,” it said in a statement.

--This report was updated at 11:46 a.m.