US Senator Marco Rubio announced legislation on Thursday that would bar the sale of “sensitive” technology to China and hike some duties and taxes, Reuters reports.
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,” the report said.
The proposed legislation would, among other things, would bar the sale of sensitive technology and intellectual property, and increase taxes on multinational corporations’ income from China, according to the report.
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 US and Germany in industries such as robotics, aerospace and clean-energy cars.
“How America responds to the growing threats posed by China is the single most important geopolitical issue of our time, and will define the 21st century,” Rubio said in a statement introducing the bill.
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