Mnuchin rips reports of Chinese investment restrictions as ‘fake news’

Treasury Secretary Steven Mnuchin on Monday ripped reports that the administration is planning to curb Chinese investments. 

“On behalf of @realDonaldTrump, the stories on investment restrictions in Bloomberg & WSJ are false, fake news,” Mnuchin said in a tweet. 

“The leaker either doesn’t exist or know the subject very well,” he added. “Statement will be out not specific to China, but to all countries that are trying to steal our 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

{mosads}The Wall Street Journal reported late on Sunday that President Trump planned to block Chinese companies from investing in U.S. tech companies and stop U.S. tech exports to China.

The newspaper reported that the Treasury Department is drafting rules that would prevent companies with a minimum of 25 percent Chinese ownership from buying companies that take part in “industrially significant technology.”

The administration’s plans are set to be unveiled later this week, it added.

Bloomberg reports that the administration has labeled aerospace, new-energy vehicles, and robotics as a threat to economic and national security. 

Politico, meantime, reports that the aggressive moves were spearheaded by U.S. Trade Representative Robert Lighthizer and White House trade adviser Peter Navarro. 

The reports come amid increased trade tensions between the U.S. and China. 

Trump last week announced he would impose tariffs on $50 billion worth of Chinese goods.

China’s Commerce Ministry hit back, accusing the Trump administration of being “fickle” and “provoking a trade war.” 

“This move is not only damaging bilateral interests but also undermining the world trade order,” it said in a statement.

–This report was updated at 11:46 a.m.