Pres. Trump Hosts Roundtable on Foreign Investment Risk Review Process CSPAN August 23, 2018 6:59pm-7:15pm EDT
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much for being here this morning, and thank you to secretary mnuchin for joining us, and congratulations. you have done a great job. i especially want to welcome senators john cornyn, who has been working so hard lately, and especially at the border, doing things nobody else but we could do, very bad legislation. we are going to get that changed. crapo, marcoike rubio, and jeff hensley. i want to thank you all. each of you was instrumental in passing the foreign investment risk review modernization act, which was included in the national defense organization act that i signed into law earlier this month. this will enhance our ability to protect cutting age -- cutting-edge american technology and intellectual property vital
to our national security. we have been reading that intellectual property and all sorts of different things of that nature are being stolen from us by other countries, and it is going to be very hard for them to do that. we have put a lot of safeguards in and are doing a lot of things against foreign acquisition of property, and especially when they are near sensitive military installations. this is a very big, important deal. the people in this room are the people that were most instrumental in wanting it and getting it passed. because of our incredible achievements, other nations seek to copy or control american election will property, and we have very -- intellectual property, and we have very little safeguards. we had noses, safeguards, and now we probably have the best there is in the world. weekend -- this weakens our
economy, destroys our jobs, and threatens the security of our company. legislation provides the committee on foreign investment in the united states greater authority when it comes to reviewing foreign ownership of american firms with critical technology and intellectual property. ,e see something we don't like some country is buying something we do not want them to be buying, we stop it. our will not be stealing companies anymore, especially companies that are quite complex. we will protect america's crown jewels of intellectual property and advanced technologies from harmful foreign investments. i look forward to a protective discussion with the members of congress here today. to a certain extent, this is a celebration meeting more so than on the act itself, because we passed the foreign
investment risk review modernization act. we are very proud of it. was in the making for years, and we got it done. i want to thank the people who are in this room. this is the group that worked so hard to get it. mike, maybe i will have you start off. we can go around the room. >> i appreciate the attention you are bringing to this issue. i do not think it is known enough, the intention to steal or access our intellectual property and our technology that is critical for national security. this legislation updates critical procedures that we have in the united states now, both in export controls as well as on our committee for foreign investment in the united states to put us on the cutting edge to ,rotect americans' technology
intellectual property, and ultimately our national security. i say it is important that the american people realize the scope of assault on america today that is happening across the globe. president trump: thank you. president. rubio: mr. , i am constantly thanking you for finally standing up to china . this is the first time since 1991 that we have a near and dear competitor in the world. we are starting to wake up to the reality. this competitor is undermining us using virtually every tool at their disposal and one of them is intellectual property. they steal from us and then reverse engineer it and use it for their own purposes, because they seek to replace us in the world, not to be equal to us, to
overtake us. there is finally someone standing up to them, and i thank your administration for making is a priority on every front, on trade, but also on national security. president trump: great job, margo. you brought it up to me the other day. our country, since the election, we are of $10 trillion in worth. unfortunately, china over the aboutour months is down $15 trillion. we can't allow the things that are happening to happen, and we can't allow common trade to stay the way it was. $570 billion in deficits each -- $517 billion in deficits each year. we are rising rapidly. it is the first time the united states is the hot country. we used to be a hot country many
years ago, but now we are the hot country again. everybody wants to be here. companies are moving in, and we want some of these companies to move and also. we are going to be protected so that there will not be theft of high-grade technology. thank you, marco. john? we are finally taking a big step to address the national security threat imposed by china, which has grown dramatically, as others have said. i believe china represents the foremost national security and economic challenge to our country of any other country in the world -- president trump: not russia? senator cornyn: in the long term. in the belligerency in places like the south sea, south china that senator rubio pointed out, they have engaged in outright theft of our property.al this addresses the problem of
foreign investment to exploit gaps in the committee on foreign .nvestment my appreciation to secretary mnuchin and secretary ross, and yourry entire administration for your partnership. we could not have gotten is done without each of these people at the table, and certainly the .eadership of chairman crapo this is a great accomplishment. now we need to make sure it is implemented. it is on the top of secretary mnuchin's list to make sure congress operates as intended to accomplish these goals. president trump: we want to have a big focus on russia. not enough focus is on china,
and other countries, frankly, not just russia and china. probably individuals also. this goes a long way, and i appreciate it. you have done a great job. steve? secretary mnuchin: i appreciate the opportunity to work with everybody in this room on this legislation. i think it is an excellent example of the house and senate working together, giving us the critical tools we need to protect investments in the united states while also allowing foreign investments in the united states. we will be launching the pilot program very quickly, and we look forward to full implementation of the legislation. thank you to everybody. president trump: you guys like all those cameras behind your heads? [laughter] take a longump: i time in combing my hair if i were in that seat. i would take a long time. tom?
senator cotton: it is a good thing that congress now recognizes china as our chief long-term rival. we have known for a long time china has been hurting our manufacturing sector. they discriminate against our companies. they just turned down the merger between qualcomm and xp. it had nothing to do with china. they have been conducting espionage for years. they're just look a lot like our jets in our military. jets look a lot like our jets in our military. now they are outright buying our technology. you have smaller companies with critical breakthroughs in technology were artificial intelligence, what have you, this will allow us to recognize those threats and to stop china for buying our most critical technology that we need to maintain our role as the world's greatest superpower. i look forward to this laser solution -- to this legislation.
encourage everyone on the committee to take a tough look at what china is doing in the united states. president trump: we put a $50 million number out there. the top number is 250 billion, but of that, $50 billion has to do with technology and other things, and there is a 5% tax on that now coming in. that economically also helps us. people are our be saying it is having a big effect. -- are already saying it is having a big effect. amount ofemendous money coming into the coffers of the united states which nobody has ever seen. nobody has ever come close to seeing that before, actually. jeff? representative hensarling: i am glad to represent the house today.
i just came from doing a series of town hall meetings in the fifth district of texas. people are enjoying the best economy in their lifetimes, and they send their gratitude. your leadership on the tax cuts and jobs act and the regulatory agenda of this administration has -- this administration knows we are not going to keep 3% plus economic growth in our intellectual property and technology is taken from us by ill-gottenook and gains and in proper leverage. -- improper leverage. with your leadership, needed gaps were filled. also, i want to thank you for helping unite our congress and our nation, because the bill that came out of the house was almost unanimous. we had two or three dissenting votes. congress is united to ensure that this intellectual property
theft does not continue, that we stand up to all the countries that are not playing by the rules, including and especially china. i want to thank my fellow senator in the texan -- my fellow texan in the senate for leaving here. secretarythank the who played a very vital role, mr. president, in negotiating these differences between the house and senate and ensuring we ndad get this into the and getting your signature. president trump: this is a great achievement, and i want to thank everybody in the room. great job. let's go. make your way out. keep moving. time's up. keep moving.
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