Fair Trade with China Enforcement Act
Latest action (25 Mar 2021): Introduced
What this bill does
Generate a neutral, plain-English explanation of what this bill does, who it affects and what happens next — grounded in the official text.
Official summary
Fair Trade with China Enforcement Act
This bill revises trade, finance, and tax provisions with respect to China.
Specifically, the bill directs the Department of Commerce to prohibit the export of certain U.S. technology and intellectual property to China, and it places a shareholder cap on Chinese investments in certain U.S. corporations.
The bill prohibits federal agencies from using or procuring telecommunications equipment or services from Huawei Technologies Company, ZTE Corporation, or any other entity reasonably believed to be owned or controlled by China.
Further, the bill requires the U.S. Trade Representative to list certain Chinese products that receive support pursuant to China's Made in China 2025 policy. The bill expedites the countervailing duty process (i.e., the imposition of duties to offset a subsidy by a foreign government) for products on this list.
The bill amends the Internal Revenue Code to (1) repeal certain reduced withholding rates for residents of China, and (2) provide for the taxation of income received by China on certain U.S. investments.
Common questions
- What does S. 1060 do?
- Fair Trade with China Enforcement Act This bill revises trade, finance, and tax provisions with respect to China. Specifically, the bill directs the Department of Commerce to prohibit the export of certain U.S. technology and intellectual property to China, and it places a shareholder cap on Chinese investments in certain U.S. corporations. The bill prohibits federal agencies from using or procuring telecommunications equipment or services from Huawei Technologies Company, ZTE Corporation, or any other entity reasonably believed to be owned or controlled by China. Further, the bill requires the U.S. Trade Representative to list certain Chinese products that receive support pursuant to China's Made in China 2025 policy. The bill expedites the countervailing duty process (i.e., the imposition of duties to offset a subsidy by a foreign government) for products on this list. The bill amends the Internal Revenue Code to (1) repeal certain reduced withholding rates for residents of China, and (2) provide for the taxation of income received by China on certain U.S. investments.
- Has S. 1060 become law?
- Not yet. As of 25 Mar 2021, S. 1060 is introduced.
- Who sponsored S. 1060?
- S. 1060 was sponsored by Sen. Marco Rubio [R-FL, 2011-2025] (Republican-FL), with 1 cosponsor.
- What's the latest action on S. 1060?
- Introduced (25 Mar 2021).
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