Fair Trade with China Enforcement Act
The source supplies the latest action, but no lifecycle stage.
Latest action (25 Mar 2021): Read twice and referred to the Committee on Finance.
What this bill does
The Fair Trade with China Enforcement Act, introduced in the Senate, proposes changes to U.S. trade, finance, and tax laws concerning China. It would direct the Department of Commerce to block the export of certain U.S. technologies and intellectual property to China. The bill also aims to restrict Chinese investment in specific U.S. companies and prevent federal agencies from using or buying telecommunications equipment and services from certain Chinese companies, like Huawei and ZTE.
Additionally, the bill requires the U.S. Trade Representative to identify Chinese products benefiting from China's "Made in China 2025" policy. For these listed products, the bill would speed up the process of imposing duties to offset foreign government subsidies. The bill also includes provisions to repeal certain reduced tax withholding rates for Chinese residents and to tax income China receives from specific U.S. investments.
This bill is currently in the introduction phase, having been referred to the Senate Committee on Finance. If it moves forward, it would require passage by both the Senate and the House of Representatives before being sent to the President for signature into law.
Plain-English summary generated by Bill100 AI from the official record. Always verify against the source below.
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.
Timeline
25 Mar 2021
Read twice and referred to the Committee on Finance.
Common questions
- What does S. 1060 do?
- The Fair Trade with China Enforcement Act, introduced in the Senate, proposes changes to U.S. trade, finance, and tax laws concerning China. It would direct the Department of Commerce to block the export of certain U.S. technologies and intellectual property to China. The bill also aims to restrict Chinese investment in specific U.S. companies and prevent federal agencies from using or buying telecommunications equipment and services from certain Chinese companies, like Huawei and ZTE. Additionally, the bill requires the U.S. Trade Representative to identify Chinese products benefiting from China's "Made in China 2025" policy. For these listed products, the bill would speed up the process of imposing duties to offset foreign government subsidies. The bill also includes provisions to repeal certain reduced tax withholding rates for Chinese residents and to tax income China receives from specific U.S. investments. This bill is currently in the introduction phase, having been referred to the Senate Committee on Finance. If it moves forward, it would require passage by both the Senate and the House of Representatives before being sent to the President for signature into law.
- Has S. 1060 become law?
- The source does not supply a confirmed lifecycle stage for S. 1060. Check the latest action and official source below.
- Who sponsored S. 1060?
- S. 1060 was sponsored by Sen. Rubio, Marco [R-FL] (R-FL), with 1 cosponsor.
- What's the latest action on S. 1060?
- Read twice and referred to the Committee on Finance. (25 Mar 2021).
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