The Trump administration will not impose blanket restrictions on Chinese investment in the US but will instead rely on enhancements to an existing review process in an effort to protect the country's sensitive technology know-how.
"It's going to be very comprehensive and very effective at protecting our technological family jewels in the United States".
Mnuchin told reporters the White House expected it would have all the tools it needs once the new law is passed by Congress.
The tariffs that Trump has already announced against China involve goods in aerospace, IT, robotics and machinery sectors.
"The president is unsatisfied with their response on the trade talks and so he put out there the possibility of an additional tariff measure", Kudlow said. He has long accused other nations of exploiting poorly negotiated trade deals and of using unfair practices to sell America far more than they buy from it. "The ball is in their court".
The White House signaled in May that it would adopt restrictions on Chinese investment in "industrially significant technology". "I'm always the optimist, but I have to be realistic".
United States stocks finished solidly lower on Wednesday (Jun 27) as the Trump administration sent mixed signals on China, reviving fears that a trade fight between Washington and Beijing would escalate.
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"After reviewing the current versions of FIRRMA with my team of advisers - and after discussing them with many members of Congress - I have concluded that such legislation will provide additional tools to combat the predatory investment practices that threaten our critical technology leadership, national security, and future economic prosperity", Trump said.
"I welcome the president's tough action to prevent any country from stealing our vital technology through investing in or acquiring U.S. companies", Rep. Kevin Brady, the House Ways and Means Committee chair, said in a statement. That announcement said that controls would be announced by June 30 and would "be implemented shortly thereafter".
China's commerce ministry says it objects to the United States using national security as an excuse to tighten the rules for Chinese companies in the US.
Trump on Tuesday pushed back on recent reports that the USA was preparing the investment restrictions. "We can't let people steal their technology", Trump said Tuesday.
Mnuchin had favoured a more measured approach using authority approved by Congress, while Navarro, the administration's harshest China critic, had said that investment restrictions would be China-specific. "I respect at the end of the day it's the president's decision", Mnuchin said.
While House and Senate versions of the bill still need to be reconciled, both bills are created to strengthen the CFIUS review for foreign investment in critically important technologies.
Stock markets surged Wednesday following President TrumpDonald John TrumpCrowley stunner tops huge night for left Trump congratulates Romney on primary win Judge orders Trump admin to begin reuniting immigrant families MORE's decision not to impose new executive restrictions on foreign investments.