Chip stocks plunge after Trump's reported plan to restrict foreign technology investment

Chip stocks plunge after Trump's reported plan to restrict foreign technology investment

"I would not, on the investment side, be betting against the Treasury Department", Scissors said, noting that Treasury would control implementation of such rules. "The leaker either doesn't exist or know the subject very well". The forthcoming restrictions would apply "to all countries that are trying to steal our technology", he said.

However, that contradicts the White House's own May 29 statement which specified that new measures would target China.

"The only thing that's going to happen in the near term is on Friday the Treasury secretary is going to report to the president on the issue related to China".

Late Monday White House trade and manufacturing adviser Peter Navarro sought to downplay Mnuchin's remarks, telling CNBC television that the restrictions on investments in US technology companies would just target China.

Jyrki Katainen, the EU's vice president on jobs and economic growth, added that actions like Trump's unilateral tariff hikes against China showed that WTO rules on global trade had to change, the Associated Press reported. "It's something you could only dream about".

Stocks fell in midday trading Monday, with the Dow Jones industrial average down as much as 446 points, amid reports of protectionist policy pushes by the Trump administration that would ramp up trade tensions on multiple fronts.

Trump has blamed past U.S. administrations for being soft on China and allowing the country to become dominant in manufacturing, and for failing to protect sensitive technologies.

Brand 'Messi' unblemished by poor World Cup
But we saw during Champions League that when the match is not in their favor, it can dissolve on the field. He's not concerned about the ball.

A bill to make CFIUS reviews even tougher is making its way through Congress.

Chinese investment in the United States already declined by 92 percent to $1.8 billion in the first five months of this year - its lowest level in seven years.

Also Monday, Wisconsin's Harley-Davidson tumbled more than 6% after saying it would move some production out of the U.S. amid retaliatory tariffs the company said would bring about a "tremendous cost increase".

The Treasury investment restrictions are expected to target key sectors, including several China is trying to develop as part of its "Made in China 2025" industrial plan, the U.S. official said.

A trade expert warned against "creating a fortress America while the EU, China, and others play offense".

"There are serious structural concerns about Chinese practices that can not be resolved without trust between the negotiating partners" and that trust is eroding in the current confrontation, he told AFP.

Mnuchin's tweet came amid a difference of opinion among top Trump administration officials on how aggressive an approach should be taken in challenging China's trade practices.

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