Treasury Secretary Steven Mnuchin said on Monday, June 25, that the investment restrictions on China reported by numerous media outlets were "false, fake news."
Mnuchin said that the investment restrictions, which had earlier been reported to target Chinese investors in the U.S., would instead apply to "all countries that are trying to steal out technology."
On behalf of @realDonaldTrump, the stories on investment restrictions in Bloomberg & WSJ are false, fake news. The leaker either doesn't exist or know the subject very well. Statement will be out not specific to China, but to all countries that are trying to steal our technology.— Steven Mnuchin (@stevenmnuchin1) June 25, 2018
U.S. equities fell following Mnuchin's tweet but had been trending sharply lower throughout the session as Wall Street weighed a broader-than-expected ratcheting up worrying trade war threats. All three major U.S. stock indexes were down more than 1.3% on Monday.
Numerous media had reported President Donald Trump planned to bar Chinese companies from investing in technology firms based in the United States. Despite a wave of tweets Sunday and Monday, Trump hadn't mentioned the China investment restrictions on his own timeline yet. His commentary was limited to a broader statement on fair trade.
The United States is insisting that all countries that have placed artificial Trade Barriers and Tariffs on goods going into their country, remove those Barriers & Tariffs or be met with more than Reciprocity by the U.S.A. Trade must be fair and no longer a one way street!— Donald J. Trump (@realDonaldTrump) June 24, 2018
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