US senator Marco Rubio offers bill targeting Chinese industry

[TomSea]

US senator Marco Rubio offers bill targeting Chinese industry

WASHINGTON (REUTERS) - US Senator Marco Rubio announced legislation on Thursday (May 10) that would bar the sale of "sensitive" technology to China and hike some duties and taxes, in the latest move by US lawmakers to clamp down on what they regard as Beijing's efforts to steal US intellectual property.

Rubio, a Republican member of the Foreign Relations Committee, unveiled the "Fair Trade with China Enforcement Act," which among other things would bar the sale of national security sensitive technology and intellectual property, and increase taxes on multinational corporations' income from China.

It would also prepare duties on, and cap Chinese investor shareholding in US companies producing goods targeted by China's "Made in China 2025" initiative to catch up with rivals like the United States and Germany in industries such as robotics, aerospace and clean-energy cars.

Read more at: https://www.straitstimes.com/world/united-states/us-senator-marco-rubio-offers-bill-targeting-chinese-industry