On February 21, the White House issued a presidential memorandum "'America First' Investment". According to the White House Fact Sheet, the memorandum is a continuation of Trump's numerous actions to protect U.S. innovation during his first term, including: launching a Section 301 investigation into forced technology transfers, unfair licensing and intellectual property rights; declaring justice The Ministry plans to identify and prosecute trade secret theft, hacking and economic espionage; prioritize the development of artificial intelligence in the United States; and take action to prevent foreign malicious actors from obtaining U.S. information networks.

This memorandum first expressed its welcome to foreign investment, and then pointed out: "It is systematically guiding and promoting the US investment to gain cutting-edge technology, intellectual property rights and influence in strategic industries." The memorandum uses the saying "Economic security is security" that the current Finance Minister Bessent often said, forming the entire general outline and further elaborating:

" It will not allow American companies to control its critical infrastructure, and the United States should not let its core assets be interfered with. Now, relevant investors are eyeing the important resources of the United States such as high-tech, food supply, farmland, minerals, and ports. These are the "lifeline" of the United States. What's more dangerous is that it is using American money to upgrade its military, intelligence and cyber warfare capabilities, which poses a threat to the US local and global U.S. military. Through "military-civilian integration", they allow enterprises to and research institutions serve the military and expand their military influence. Companies also obtain a large amount of funds from the US market by listing on the US stock market, lobbying fund companies, attracting investment, etc., and indirectly support them. Military development. In other words, American money is helping the army become stronger. "

On this basis, the document proposes 12 specific measures , can basically be summarized into three sentences: 1. Allies and partners can invest to drive the development of the United States, and the United States welcomes it; 2. If the money from foreign opponents is not welcome, you cannot touch the key technologies and assets of the United States; 3. Protect American investors The money cannot be allowed to support the development of the military.

1. Welcome allies and partners to invest.

(1) The purpose of investment in the United States is to enable high-tech such as AI to develop locally. Allies and partners are welcome to invest. But it must be in line with the interests of the United States and benefit the American people.

(2) Allies' investments will have a "fast channel" to make it easier for them to enter the US high-tech industry, but the premise is that they cannot cooperate with their competitors.

(Trump wants to use the Commission on Foreign Investment (CFIUS) as a more direct diplomatic tool, explicitly linking CFIUS review and bilateral relations with countries. From the United States Investments with good relationships will be less scrutinized, while investments with bad relationships with the United States will be more scrutinized. This should also accelerate the U.S. strategy to build a multilateral alliance targeted at investment review)

(3) No longer use troublesome and time-consuming "mitigation agreements" to deal with investments from competitors. In the future, such agreements will only include specific requirements that the enterprise can complete within a certain period of time, rather than long-term and expensive regulations. At the same time, we will focus more on supporting investments in allies and partners.

(This means that in the future, investment in the United States will no longer be able to sign a "safety agreement" and implement mitigation measures, which is equivalent to "investment" in terms of investment Presumed rejection”).

(4) Welcome "passive investment" (including non-controlling shares and will not obtain voting rights, board seats or other corporate governance powers, and investors cannot be allowed to Shares that have any management impact, important decision-making power or non-public access to technology, technical information, products or services).

(5) Accelerate environmental review of any investment in the United States that exceeds $1 billion.

2. Strictly examine the investments of foreign opponents (including Hong Kong and Macao), Cuba, Iran, North Korea, Russia, and Venezuela Maduro) and do not touch the key technologies and assets of the United States. : left;"> (1) Foreign investment in sensitive areas such as core technologies, critical infrastructure, and personal data will be strictly reviewed to ensure that the lifeline of the United States is not controlled by foreign opponents.

(2) will use all necessary legal tools, including the Commission on Foreign Investment in the United States (CFIUS), to restrict investment in technology with associated individuals or entities, Critical infrastructure, healthcare, agriculture, energy, raw materials or other strategic industries. The United States will protect real estate near U.S. farmland and sensitive facilities, and will also seek (including consultation with Congress) to strengthen CFIUS's regulation of "green space investment" to limit foreign opponents' talent in the field of sensitive technology (especially artificial intelligence) and access to business and expand the scope of “emerging and basic” technologies that CFIUS can manage.

(Trump's first termThis has greatly strengthened the security review of corporate investment in the United States by the Commission on Foreign Investment (CFIUS). In August 2018, the Foreign Investment Risk Review Modernization Act (FIRRMA) officially came into effect, extending CFIUS's review from traditional M&A transactions to non-controlled minority equity investments, and covering sensitive technologies, critical infrastructure or proximity to sensitive Real estate transactions at locations. The United States has adopted a stricter and more cautious attitude towards investment. A large number of Chinese-funded enterprises are forced to withdraw or cancel transactions before submitting for review. The number of unapproved cases has increased significantly, which has exacerbated the difficulty of enterprises investing in the United States. It now appears that the line between security and economic security will be further blurred in Trump’s second term, and CFIUS will continue to be a weapon in serving the geopolitical agenda. It is agreed that companies will invest in the United States and may not necessarily keep their word).

(3) Protect the funds of American investors and allow this money to promote the development of the US economy: Strengthen financial supervision and ensure that foreign companies, especially enterprises, are in the United States Comply with strict financial audit standards in the Foreign Company Accountability Act when listing; examine foreign competitors’ listing on U.S. exchanges using variable interest entities and subsidiary structures, thereby limiting the ownership rights and protection of U.S. investors, and investigating these companies allegations of fraud; control pension investment, and restore the strictest regulatory standards in accordance with the requirements of the Employee Retirement Income Security Act of 1974 to ensure that Americans’ pensions do not flow to foreign rival businesses.

(In December 2020, at the end of Trump's term, the U.S. Congress passed and signed the Foreign Corporate Accountability Act (HFCAA) . The law stipulates that if a foreign company listed in the United States does not allow the accounting supervision committee of listed companies (PCAOB) to inspect its audit reports for three consecutive years, it will be forced to delist. Now it is obvious that it intends to re-manage this matter and deal with the company. Listing in the United States is subject to strict review. The audit supervision cooperation agreement reached through hard negotiations between China and the United States during the Biden period is unknown whether it will be overturned again. )

3. The US investment is not allowed to support military industry. ="text-align: left;"> (1) Prevent US funds from flowing to the military industry. Means may include the implementation of asset freezes or other economic sanctions under the International Emergency Economic Powers Act (IEEPA), such as the multiple presidential executive orders issued in the past few years (the executive order of the establishment of CMIC 13959 "for securities investments that finance party military companies. Threats”; Executive Order 13974 “Amendment of Executive Order 13959”; Executive Order 14032 “Terms of Securities Investment in Financing for Certificates” and Executive Order 14105 “Terms of Reverse Investment Review in the United States in Certified Certificates and the threat of product investment”), specifically targeting helpInvestment behavior of military industry financing. Currently, Executive Order 14105 is being reviewed under the Presidential Memorandum of January 20, 2025 (U.S. Priority Trade) to determine whether it has sufficient controls to deal with security threats.

(About Executive Orders 13959 and 14032, I am in the article "Tencent, CATL, etc. - A Brief History of the List of "Military-related" Sanctions" There is a clear explanation. Regarding Executive Order 14105, you can refer to "The United States issued the final rules for investment review in China: prohibiting US funds from supporting the design and research and development of certain artificial intelligence systems in Chinese enterprises"

On November 12, 2020, Trump issued Executive Order No. 13959 of "Responding to the Threat of Investing in Securities of "Military Enterprises", prohibiting American entities from purchasing or selling securities that are publicly traded by CCMC companies. Biden Release on June 3, 2021 Executive Order No. 14032 of Securities Investment Funded by Specific Companies, revised Executive Order No. 13959, changing the list of "Military Enterprises" (CCMC) that originally stipulated that securities investment bans were imposed to "Military Industry Comprehensive The Non-SDN Chinese Military Industrial Complex Companies (NS-CMIC) prohibits U.S. individuals and entities from investing in securities in companies on the NS-CMIC list, including purchasing, selling or holding stocks or bonds of these companies. The Office of Foreign Assets Control (OFAC) of the Ministry of Finance has released a list of the first 59 companies in accordance with Executive Order No. 14032. It can be expected that this year may put more Enterprises are placed on the CMIC list, and the linkage between CMC and CMIC may also be strengthened. )

(2) Take Trump's measures in 2020 and 2021 Based on this, consider new or stricter restrictions on U.S. foreign investment in semiconductors, artificial intelligence, quantum technology, biotechnology, hypersonic, aerospace, advanced manufacturing, directional energy and other areas related to military-civilian integration strategies. Controlled areas will be reviewed and updated regularly, including by the Office of Science and Technology. During the review process, restrictions will be considered on investment types, including private equity, venture capital, greenfield investment, corporate expansion and investment in listed securities, including pensions, university endowments and other limited partnership investors . American universities should also stop supporting foreign opponents through investment decisions, just as they should stop opening university resources to terrorism supporters.

(From this point, Biden has established a federalThe reverse investment review of regulations should be fully expanded: First, expand the technical scope covered: no longer limited to advanced semiconductors, quantum computing and certain artificial intelligence systems, but also incorporate biotechnology, hypersonics, aerospace, and advanced manufacturing. , directional energy and "other areas related to military-civilian integration strategy". The second is to expand the types of investments covered, investments in listed securities and investments by Americans as limited partnerships. The reverse investment review of the Biden-era federal regulations are exempted, but Trump has clearly stated that it will be put into it. Such a tough stance on reverse investment review makes people feel that this session will focus more on bans rather than notifications in terms of review methods, and the reverse investment review legislation that Congress is advancing may also gain potential. )

(3) Review whether the 1984 U.S.-China Income Tax Agreement should be suspended or terminated. The tax agreement, together with the WTO accession and the United States' commitment to grant unconditional most-favored-nation treatment, led to the deindustrialization and modernization of military technology. We will strive to reverse these two trends. American investors should invest in the future of the United States, not the future.

The Secretary of Finance shall consult with the Secretary of Defense, the Secretary of Commerce, the United States Trade Representative and other appropriate administrative departments and agencies (and CFIUS members) to take necessary actions , including the formulation of rules and regulations to support the President's full powers granted by the IEEPA, Article 721 of the Defense Production Act of 1950, as amended, and other laws, thereby achieving the purpose of this document.

Regarding the accelerated approval of investment environmental review of more than US$1 billion, the Director of the Environmental Protection Bureau shall negotiate and implement it with the heads of other appropriate institutions.

Regarding strengthening financial supervision of Chinese companies going public in the United States, the Secretary of Finance should contact the Securities and Exchange Commission and the Accounting Supervision Committee of Listed Companies in a timely manner. Regarding the strict investigation of overseas companies evasion and "detour listing", the Attorney General should coordinate with the Director of the Federal Bureau of Investigation to conduct audits, corporate supervision and suspected criminal or civil fraud of all foreign rival companies currently listed on the exchange. Provide written advice at risk. Regarding the prevention of pension investment in foreign rivals, the Minister of Labor should regulate investment in open market securities of foreign rival companies in accordance with the updated fiduciary liability standards promulgated by the Employee Retirement Income Security Act of 1974.

Recently, there seem to be more signals of "easing" between China and the United States, such as the potential agreement between China and the United States that is said to be more reliable in the New York era, and earlier Trump himself made a relatively positive and positive statement on DeepSeek and his corporate investment in the United States. So to be honest, seeing this very tough "America No. 1" investment,I felt that Trump was back in his first term, and I was still a little surprised. Looking at some important personnel appointments currently by the US Department of Commerce, almost without exception are hawks against China, and there is no way to see if there is any meaning of "ease". We may not be overly optimistic about Trump and the United States, but we should “listen to what we say and see what we do.”