Craig Allen, president of the U.S.-China Business Council (USCBC), stated that the USCBC filed comments expressing concerns about a proposed rule from the U.S. Treasury Department that could negatively impact American businesses. Allen shared his statement in an August 2 press release.
"We urge the Treasury Department to work with industry to avoid harming US competitiveness globally," said Allen. "We support the Biden administration's efforts to protect US national security and promote a robust commercial relationship with China. However, USCBC is concerned that certain elements of the rule depart from our traditional support for the free and open capital flows that undergird US companies' operations and will impose undue impediments on companies' ability to conduct global business."
According to a press release, the U.S. Department of Treasury issued a "Proposed Rule to Implement Executive Order Addressing U.S. Investments in Certain National Security Technologies and Products in Countries of Concern." The proposal directs the Secretary of the Treasury to issue regulations that: "(1) prohibit U.S. persons from engaging in certain transactions involving certain technologies and products that pose a particularly acute national security threat to the United States and (2) require U.S. persons to notify Treasury of certain other transactions involving certain technologies and products that may contribute to the threat to the national security of the United States."
In August 2023, President Joe Biden issued an Executive Order "on addressing United States investments in certain national security technologies and products in countries of concern," according to the White House. This executive order introduces regulations that require U.S. actors to notify and restrict transactions with foreign entities when it involves sensitive technology industries.
According to the White House, President Biden’s "Executive Order on Addressing United States Investments in Certain National Security Technologies and Products in Countries of Concern" utilizes regulation strategies on critical technological industries due to economic and security reasons. He said, "...advancement by countries of concern in sensitive technologies and products critical for the military, intelligence, surveillance, or cyber-enabled capabilities of such countries constitutes an unusual and extraordinary threat to the national security of the United States."
USCBC is a nonpartisan, nonprofit, private organization with over 270 American companies that conduct business with China, according to its website. Founded in 1973 and headquartered in Washington, DC, USCBC also has offices in Beijing and Shanghai. The purpose of the group is to "expand the US-China commercial relationship" and "eliminate trade and investment barriers and develop a rules-based, predictable, and transparent commercial environment."
Allen has been president of USCBC since 2018, according to its website. Previously, he served in the Department of Commerce’s International Trade Administration (ITA). He later served as Director of the American Trade Center in Taipei.
