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America First Trade Policy美国优先的贸易政策

2025 年 1 月 20 日

MEMORANDUM FOR THE SECRETARY OF STATE备忘录：给国务卿

THE SECRETARY OF THE TREASURY财政部长

THE SECRETARY OF DEFENSE国防部长

THE SECRETARY OF COMMERCE商务部长

THE SECRETARY OF HOMELAND SECURITY国土安全部长

THE DIRECTOR OF THE OFFICE OF MANAGEMENT AND BUDGET管理和预算办公室主任

THE UNITED STATES TRADE REPRESENTATIVE美国贸易代表

THE ASSISTANT TO THE PRESIDENT FOR ECONOMIC POLICY总统经济政策事务助理

THE SENIOR COUNSELOR FOR TRADE AND MANUFACTURING贸易和制造业高级顾问

SUBJECT:                  America First Trade Policy主题：                  美国优先 "贸易政策

Section 1.  Background.  In 2017, my Administration pursued trade and economic policies that put the American economy, the American worker, and our national security first.  This spurred an American revitalization marked by stable supply chains, massive economic growth, historically low inflation, a substantial increase in real wages and real median household wealth, and a path toward eliminating destructive trade deficits.第 1 节 背景  背景。  2017年，我的政府奉行将美国经济、美国工人和我们的国家安全放在首位的贸易和经济政策。   这刺激了美国的振兴，其标志是稳定的供应链、大规模的经济增长、历史上最低的通货膨胀率、实际工资和实际家庭财富中位数的大幅增长，以及消除破坏性贸易赤字的道路。

My Administration treated trade policy as a critical component to national security and reduced our Nation’s dependence on other countries to meet our key security needs.我的政府将贸易政策视为国家安全的重要组成部分，并减少了我国在满足关键安全需求方面对其他国家的依赖。

Americans benefit from and deserve an America First trade policy.  Therefore, I am establishing a robust and reinvigorated trade policy that promotes investment and productivity, enhances our Nation’s industrial and technological advantages, defends our economic and national security, and — above all — benefits American workers, manufacturers, farmers, ranchers, entrepreneurs, and businesses. 美国人受益于 "美国优先 "的贸易政策，也理应如此。  因此，我正在制定一项强有力的、重新焕发活力的贸易政策，以促进投资和生产力，增强我们国家的工业和技术优势，捍卫我们的经济和国家安全，最重要的是，使美国工人、制造商、农民、农场主、企业家和企业受益。

Sec. 2.  Addressing Unfair and Unbalanced Trade.  (a)  The Secretary of Commerce, in consultation with the Secretary of the Treasury and the United States Trade Representative, shall investigate the causes of our country’s large and persistent annual trade deficits in goods, as well as the economic and national security implications and risks resulting from such deficits, and recommend appropriate measures, such as a global supplemental tariff or other policies, to remedy such deficits.第 2 节.  解决不公平和不平衡的贸易。  (a) 商务部长应与财政部长和美国贸易代表协商，调查我国每年持续出现巨额货物贸易逆差的原因，以及这种逆差对经济和国家安全造成的影响和风险，并建议采取适当措施，如全球补充关税或其他政策，以弥补这种逆差。

(b)  The Secretary of the Treasury, in consultation with the Secretary of Commerce and the Secretary of Homeland Security, shall investigate the feasibility of establishing and recommend the best methods for designing, building, and implementing an External Revenue Service (ERS) to collect tariffs, duties, and other foreign trade-related revenues.(b) 财政部部长应与商务部部长和国土安全部部长协商，调查建立对外税收服务机构（ERS）的可行性，并就设计、建立和实施该机构的最佳方法提出建议，以征收关税、关税和其他与外贸相关的收入。

(c)  The United States Trade Representative, in consultation with the Secretary of the Treasury, the Secretary of Commerce, and the Senior Counselor for Trade and Manufacturing, shall undertake a review of, and identify, any unfair trade practices by other countries and recommend appropriate actions to remedy such practices under applicable authorities, including, but not limited to, the Constitution of the United States; sections 71 through 75 of title 15, United States Code; sections 1337, 1338, 2252, 2253, and 2411 of title 19, United States Code; section 1701 of title 50, United States Code; and trade agreement implementing acts.  (c) 美国贸易代表应与财政部长、商务部长以及贸易和制造业高级顾问协商，审查和确定其他国家的任何不公平贸易做法，并建议采取适当行动，根据适用的授权，包括但不限于《美国宪法》，纠正这些做法；美国法典》第 15 编第 71 至 75 条；《美国法典》第 19 编第 1337、1338、2252、 2253 和 2411 条；《美国法典》第 50 编第 1701 条；以及贸易协定实施法案。

(d)  The United States Trade Representative shall commence the public consultation process set out in section 4611(b) of title 19, United States Code, with respect to the United States-Mexico-Canada Agreement (USMCA) in preparation for the July 2026 review of the USMCA. Additionally, the United States Trade Representative, in consultation with the heads of other relevant executive departments and agencies, shall assess the impact of the USMCA on American workers, farmers, ranchers, service providers, and other businesses and make recommendations regarding the United States’ participation in the agreement.  The United States Trade Representative shall also report to appropriate congressional committees on the operation of the USMCA and related matters consistent with section 4611(b) of title 19, United States Code.(d) 美国贸易代表应启动《美国法典》第19编第4611(b)条规定的有关《美国-墨西哥-加拿大协定》（USMCA）的公共协商程序，为2026年7月对《美国-墨西哥-加拿大协定》的审查做准备。   此外，美国贸易代表应与其他相关行政部门和机构的负责人协商，评估《美墨加协定》对美国工人、农民、牧场主、服务提供商和其他企业的影响，并就美国参与该协定提出建议。  美国贸易代表还将根据《美国法典》第19章第4611(b)条的规定，向国会有关委员会报告《美国农产品与服装协议》的运作情况及相关事宜。

(e)  The Secretary of the Treasury shall review and assess the policies and practices of major United States trading partners with respect to the rate of exchange between their currencies and the United States dollar pursuant to section 4421 of title 19, United States Code, and section 5305 of title 22, United States Code.  The Secretary of the Treasury shall recommend appropriate measures to counter currency manipulation or misalignment that prevents effective balance of payments adjustments or that provides trading partners with an unfair competitive advantage in international trade, and shall identify any countries that he believes should be designated as currency manipulators.(e) 财政部长应根据《美国法典》第 19 编第 4421 条和《美国法典》第 22 编第 5305 条，审查和评估美国主要贸易伙伴在其货币与美元汇率方面的政策和做法。   财政部长应建议采取适当措施，打击阻碍有效调整国际收支或使贸易伙伴在国际贸易中获得不公平竞争优势的货币操纵或错位行为，并应确定他认为应被指定为货币操纵国的任何国家。

(f)  The United States Trade Representative shall review existing United States trade agreements and sectoral trade agreements and recommend any revisions that may be necessary or appropriate to achieve or maintain the general level of reciprocal and mutually advantageous concessions with respect to free trade agreement partner countries. (f) 美国贸易代表应审查现有的美国贸易协定和部门贸易协定，并提出必要或适当的修订建议，以实现或保持对自由贸易协定伙伴国的互惠和互利减让的一般水平。

(g)  The United States Trade Representative shall identify countries with which the United States can negotiate agreements on a bilateral or sector-specific basis to obtain export market access for American workers, farmers, ranchers, service providers, and other businesses and shall make recommendations regarding such potential agreements.(g) 美国贸易代表应确定美国可与之进行双边或特定部门协议谈判的国家，以便为美国工人、农民、牧场主、服务提供商和其他企业获得出口市场准入，并应就此类潜在协议提出建议。

(h)  The Secretary of Commerce shall review policies and regulations regarding the application of antidumping and countervailing duty (AD/CVD) laws, including with regard to transnational subsidies, cost adjustments, affiliations, and “zeroing.”  Further, the Secretary of Commerce shall review procedures for conducting verifications pursuant to section 1677m of title 19, United States Code, and assess whether these procedures sufficiently induce compliance by foreign respondents and governments involved in AD/CVD proceedings.  The Secretary of Commerce shall consider modifications to these procedures, as appropriate.(h) 商务部长应审查有关反倾销和反补贴税（AD/CVD）法律适用的政策和法规，包括有关跨国补贴、成本调整、附属关系和 "归零 "的政策和法规。   此外，商务部长应审查根据《美国法典》第 19 编第 1677m 条进行核查的程序，并评估这些程序是否足以促使参与反倾销和反补贴税诉讼的外国应诉方和政府遵守规定。  商务部长应酌情考虑修改这些程序。

(i)  The Secretary of the Treasury, the Secretary of Commerce, the Secretary of Homeland Security, and the Senior Counselor for Trade and Manufacturing, in consultation with the United States Trade Representative, shall assess the loss of tariff revenues and the risks from importing counterfeit products and contraband drugs, e.g., fentanyl, that each result from the current implementation of the $800 or less, duty-free de minimis exemption under section 1321 of title 19, United States Code, and shall recommend modifications as warranted to protect both the revenue of the United States and the public health by preventing unlawful importations.(i) 财政部长、商务部长、国土安全部长和贸易与制造业高级顾问应与美国贸易代表协商，评估假冒产品和违禁药品（如芬太尼）进口造成的关税收入损失和风险、美国法典》第 19 编第 1321 节规定的 800 美元或以下免税微量豁免的现行实施所造成的风险，并应提出必要的修改建议，以通过防止非法进口来保护美国的收入和公众健康。

(j)  The Secretary of the Treasury, in consultation with the Secretary of Commerce and the United States Trade Representative, shall investigate whether any foreign country subjects United States citizens or corporations to discriminatory or extraterritorial taxes pursuant to section 891 of title 26, United States Code.(j) 财政部长应与商务部长和美国贸易代表协商，根据《美国法典》第 26 编第 891 条，调查是否有任何外国对美国公民或公司征收歧视性或域外税。

(k)  The United States Trade Representative, in consultation with the Senior Counselor for Trade and Manufacturing, shall review the impact of all trade agreements — including the World Trade Organization Agreement on Government Procurement — on the volume of Federal procurement covered by Executive Order 13788 of April 18, 2017 (Buy American and Hire American), and shall make recommendations to ensure that such agreements are being implemented in a manner that favors domestic workers and manufacturers, not foreign nations.(k) 美国贸易代表应与贸易和制造业高级顾问协商，审查所有贸易协定--包括世界贸易组织《政府采购协定》--对2017年4月18日第13788号行政命令（购买美国货和雇用美国人）所涵盖的联邦采购量的影响，并应提出建议，以确保这些协定的执行方式有利于国内工人和制造商，而不是外国。

Sec. 3.  Economic and Trade Relations with the People’s Republic of China (PRC).  (a)  The United States Trade Representative shall review the Economic and Trade Agreement Between the Government of the United States of America and the Government of the People’s Republic of China to determine whether the PRC is acting in accordance with this agreement, and shall recommend appropriate actions to be taken based upon the findings of this review, up to and including the imposition of tariffs or other measures as needed.第 3 节 与中华人民共和国（PRC）的经贸关系  与中华人民共和国（PRC）的经贸关系。 (a) 美国贸易代表应审查《美利坚合众国政府与中华人民共和国政府之间的经济贸易协定》，以确定中华人民共和国是否按照该协定行事，并应根据审查结果建议采取适当行动，直至并包括根据需要征收关税或采取其他措施。

(b)  The United States Trade Representative shall assess the May 14, 2024, report entitled “Four-Year Review of Actions Taken in the Section 301 Investigation:  China’s Acts, Policies, and Practices Related to Technology Transfer, Intellectual Property, and Innovation” and consider potential additional tariff modifications as needed under section 2411 of title 19, United States Code — particularly with respect to industrial supply chains and circumvention through third countries, including an updated estimate of the costs imposed by any unfair trade practices identified in such review — and he shall recommend such actions as are necessary to remediate any issues identified in connection with this process.(b) 美国贸易代表应评估2024年5月14日题为 "301条款调查行动四年回顾 "的报告：  中国在技术转让、知识产权和创新方面的行为、政策和做法 "的报告，并根据《美国法典》第 19 编第 2411 条的规定，考虑可能需要进行的额外关税修改--特别是在工业供应链和通过第三国进行规避方面，包括对此类审查中发现的任何不公平贸易做法所造成的成本进行最新估算--他还应建议采取必要的行动，以纠正在此过程中发现的任何问题。

(c)  The United States Trade Representative shall investigate other acts, policies, and practices by the PRC that may be unreasonable or discriminatory and that may burden or restrict United States commerce, and shall make recommendations regarding appropriate responsive actions, including, but not limited to, actions authorized by section 2411 of title 19, United States Code. (c) 美国贸易代表应调查中华人民共和国可能具有不合理或歧视性以及可能对美国商业造成负担或限制的其他行为、政策和做法，并就适当的应对行动提出建议，包括但不限于《美国法典》第19章第2411节授权的行动。

(d)  The Secretary of Commerce and the United States Trade Representative shall assess legislative proposals regarding Permanent Normal Trade Relations with the PRC and make recommendations regarding any proposed changes to such legislative proposals.(d) 商务部长和美国贸易代表应评估有关与中华人民共和国建立永久正常贸易关系的立法提案，并就此类立法提案的任何拟议修改提出建议。

(e)  The Secretary of Commerce shall assess the status of United States intellectual property rights such as patents, copyrights, and trademarks conferred upon PRC persons, and shall make recommendations to ensure reciprocal and balanced treatment of intellectual property rights with the PRC.(e) 商务部长应评估美国知识产权的状况，如授予中国人的专利、版权和商标，并应提出建议，以确保与中国在知识产权方面的互惠和平衡待遇。

Sec. 4.  Additional Economic Security Matters.  (a)  The Secretary of Commerce, in consultation with the Secretary of Defense and the heads of any other relevant agencies, shall conduct a full economic and security review of the United States’ industrial and manufacturing base to assess whether it is necessary to initiate investigations to adjust imports that threaten the national security of the United States under section 1862 of title 19, United States Code. 第 4 节.  其他经济安全事项。  (a) 商务部长应与国防部长和任何其他相关机构的负责人协商，对美国的工业和制造业基础进行全面的经济和安全审查，以评估是否有必要启动调查，根据《美国法典》第19章第1862节调整威胁美国国家安全的进口产品。

(b)  The Assistant to the President for Economic Policy, in consultation with the Secretary of Commerce, the United States Trade Representative, and the Senior Counselor for Trade and Manufacturing, shall review and assess the effectiveness of the exclusions, exemptions, and other import adjustment measures on steel and aluminum under section 1862 of title 19, United States Code, in responding to threats to the national security of the United States, and shall make recommendations based upon the findings of this review. (b) 总统经济政策助理应与商务部长、美国贸易代表以及贸易和制造业高级顾问协商，审查和评估《美国法典》第19章第1862节规定的钢铁和铝的排除、豁免和其他进口调整措施在应对美国国家安全威胁方面的有效性，并根据审查结果提出建议。

(c)  The Secretary of State and the Secretary of Commerce, in cooperation with the heads of other agencies with export control authorities, shall review the United States export control system and advise on modifications in light of developments involving strategic adversaries or geopolitical rivals as well as all other relevant national security and global considerations.  Specifically, the Secretary of State and the Secretary of Commerce shall assess and make recommendations regarding how to maintain, obtain, and enhance our Nation’s technological edge and how to identify and eliminate loopholes in existing export controls -– especially those that enable the transfer of strategic goods, software, services, and technology to countries to strategic rivals and their proxies.  In addition, they shall assess and make recommendations regarding export control enforcement policies and practices, and enforcement mechanisms to incentivize compliance by foreign countries, including appropriate trade and national security measures. (c) 国务卿和商务部长应与其他拥有出口管制权的机构负责人合作，审查美国的出口管制制度，并根据涉及战略对手或地缘政治对手的事态发展以及所有其他相关的国家安全和全球考虑因素，提出修改建议。   具体而言，国务卿和商务部长应就如何保持、获得和加强我国的技术优势，以及如何识别和消除现有出口管制中的漏洞--特别是那些使战略物资、软件、服务和技术得以转让给战略对手及其代理人的国家--进行评估并提出建议。  此外，他们还将评估出口管制的执行政策和做法，以及激励外国遵守规定的执行机制，包括适当的贸易和国家安全措施，并就此提出建议。

(d)  The Secretary of Commerce shall review and recommend appropriate action with respect to the rulemaking by the Office of Information and Communication Technology and Services (ICTS) on connected vehicles, and shall consider whether controls on ICTS transactions should be expanded to account for additional connected products.(d) 商务部长应审查信息和通信技术与服务办公室（ICTS）就联网车辆制定的规则，并建议采取适当行动，还应考虑是否应扩大对 ICTS 交易的控制，以顾及更多联网产品。

(e)  The Secretary of the Treasury, in consultation with the Secretary of Commerce and, as appropriate, the heads of any other relevant agencies, shall review whether Executive Order 14105 of August 9, 2023 (Addressing United States Investments in Certain National Security Technologies and Products in Countries of Concern) should be modified or rescinded and replaced, and assess whether the final rule entitled “Provisions Pertaining to U.S. Investments in Certain National Security Technologies and Products in Countries of Concern,” 89 Fed. Reg. 90398 (November 15, 2024), which implements Executive Order 14105, includes sufficient controls to address national security threats.  The Secretary of the Treasury shall make recommendations based upon the findings of this review, including potential modifications to the Outbound Investment Security Program.(e) 财政部长应与商务部长协商，并酌情与任何其他相关机构的首长协商， 审查 2023 年 8 月 9 日第 14105 号行政命令(处理美国对有关国家的某些国家 安全技术和产品的投资)是否应予以修改或撤销和取代，并评估题为 "关于美 国对有关国家的某些国家安全技术和产品的投资的规定 "的最后规则(89 Fed. Reg 90398(2024 年 11 月 15 日))是否应予以修改或撤销和取代。90398（2024 年 11 月 15 日），其中包括足够的控制措施来应对国家安全威胁。   财政部长将根据此次审查的结果提出建议，包括可能对境外投资安全计划进行的修改。

(f)  The Director of the Office of Management and Budget shall assess any distorting impact of foreign government financial contributions or subsidies on United States Federal procurement programs and propose guidance, regulations, or legislation to combat such distortion.(f) 管理和预算办公室主任应评估外国政府财政捐款或补贴对美国联邦采购计划的任何扭曲影响，并提出指导意见、法规或立法，以消除这种扭曲。

(g)  The Secretary of Commerce and the Secretary of Homeland Security shall assess the unlawful migration and fentanyl flows from Canada, Mexico, the PRC, and any other relevant jurisdictions and recommend appropriate trade and national security measures to resolve that emergency.(g) 商务部长和国土安全部长应评估来自加拿大、墨西哥、中华人民共和国和任何其他相关司法管辖区的非法移民和芬太尼流动情况，并建议采取适当的贸易和国家安全措施来解决这一紧急情况。

Sec. 5.  Reports.  The results of the reviews and investigations, findings, identifications, and recommendations identified in:第 5 条 报告。  报告。  以下文件中确定的审查和调查的结果、发现、鉴定和建议：

(a)  sections 2(a), 2(h), 3(d), 3(e), 4(a), 4(b), 4(c), 4(d), and 4(g) shall be delivered to me in a unified report coordinated by the Secretary of Commerce by April 1, 2025;(a) 第 2(a)、2(h)、3(d)、3(e)、4(a)、4(b)、4(c)、4(d) 和 4(g) 条应在 2025 年 4 月 1 日前在商务部长的协调下以统一报告的形式提交给我；

(b)  sections 2(b), 2(e), 2(i), 2(j), and 4(e) shall be delivered to me in a unified report coordinated by the Secretary of the Treasury by April 1, 2025;(b) 第 2(b)、2(e)、2(i)、2(j) 和 4(e) 条应在 2025 年 4 月 1 日前在财政部长的协调下以统一报告的形式提交给我；

(c)  sections 2(c), 2(d), 2(f), 2(g), 2(k), 3(a), 3(b), and 3(c) shall be delivered to me in a unified report coordinated by the United States Trade Representative by April 1, 2025; and(c) 第2(c)、2(d)、2(f)、2(g)、2(k)、3(a)、3(b)和3(c)条应在2025年4月1日前在美国贸易代表的协调下以统一报告的形式提交给我；以及

(d)  section 4(f) shall be delivered to me by the Director of the Office of Management and Budget by April 30, 2025.(d) 第 4(f)节应由管理和预算办公室主任在 2025 年 4 月 30 日之前交给我。

Sec. 6.  General Provisions.  (a)  Nothing in this memorandum shall be construed to impair or otherwise affect:第 6 节：总则。  总则。  (a) 本备忘录的任何内容均不得解释为损害或以其他方式影响

(i)   the authority granted by law to an executive department or agency, or the head thereof; or(i) 法律赋予行政部门或机构或其负责人的权力；或

(ii) the functions of the Director of the Office of Management and Budget relating to budgetary, administrative, or legislative proposals.(ii) 管理和预算办公室主任在预算、行政或立法建议方面的职能。

(b)  This memorandum shall be implemented consistent with applicable law and subject to the availability of appropriations.(b) 本备忘录的实施应符合适用法律，并视拨款情况而定。

(c) This memorandum is not intended to, and does not, create any right or benefit, substantive or procedural, enforceable at law or in equity by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person.(c) 本备忘录无意也不会产生任何一方针对美国、其部门、机构或实体、其官员、 雇员或代理人或任何其他人可在法律上或衡平法上强制执行的实质性或程序性 权利或利益。

America First Investment Policy美国第一投资政策

2025 年 2 月 21 日

MEMORANDUM FOR THE SECRETARY OF THE TREASURY备忘录：财政部长

THE SECRETARY OF STATE国务卿THE SECRETARY OF DEFENSE国防部长THE ATTORNEY GENERAL总检察长THE SECRETARY OF COMMERCE商务部长THE SECRETARY OF LABOR劳工部长THE SECRETARY OF ENERGY能源部长THE SECRETARY OF HOMELAND SECURITY国土安全部长THE ADMINISTRATOR OF THE ENVIRONMENTAL PROTECTION AGENCY环境保护局局长THE DIRECTOR OF THE OFFICE OF MANAGEMENT AND BUDGET管理和预算局局长THE DIRECTOR OF NATIONAL INTELLIGENCE国家情报总监THE UNITED STATES TRADE REPRESENTATIVE美国贸易代表THE CHAIRMAN OF THE COUNCIL OF ECONOMIC ADVISERS经济顾问委员会主席THE DIRECTOR OF THE OFFICE OF SCIENCE AND TECHNOLOGY POLICY科技政策办公室主任THE ASSISTANT TO THE PRESIDENT FOR NATIONAL SECURITY AFFAIRS总统国家安全事务助理THE DIRECTOR OF THE FEDERAL BUREAU OF INVESTIGATION联邦调查局局长

SUBJECT:       America First Investment Policy主题：美国第一投资政策美国第一投资政策By the authority vested in me as President by the Constitution and the laws of the United States of America, I hereby direct the following:根据美利坚合众国宪法和法律赋予我总统的权力，我特此指示如下：Section1.  Principles and Objectives. America’s investment policy is critical to our national and economic security.  Welcoming foreign investment and strengthening the United States’ world-leading private and public capital markets will be a key part of America’s Golden Age.  The United States has the world’s most attractive assets, in technology and across our economy, and we will make it easier for our overseas allies to support United States jobs, United States innovators, and United States economic growth with their capital.第 1 节.原则与目标。美国的投资政策对我们的国家和经济安全至关重要。欢迎外国投资，加强美国世界领先的私人和公共资本市场，将是美国黄金时代的重要组成部分。美国在技术和整个经济领域拥有世界上最具吸引力的资产，我们将使我们的海外盟友更容易用他们的资本支持美国的就业、美国的创新者和美国的经济增长。Investment by United States allies and partners can create hundreds of thousands of jobs and significant wealth for the United States.  Our Nation is committed to maintaining the strong, open investment environment that benefits our economy and our people, while enhancing our ability to protect the United States from new and evolving threats that can accompany foreign investment.美国盟友和合作伙伴的投资可以为美国创造成千上万的就业机会和大量财富。美国致力于维护强大、开放的投资环境，使我们的经济和人民受益，同时提高我们保护美国的能力，使其免受伴随外国投资而来的新的和不断变化的威胁。Investment at all costs is not always in the national interest, however.  Certain foreign adversaries, including the People’s Republic of China (PRC), systematically direct and facilitate investment in United States companies and assets to obtain cutting-edge technologies, intellectual property, and leverage in strategic industries.  The PRC pursues these strategies in diverse ways, both visible and concealed, and often through partner companies or investment funds in third countries. 然而，不惜一切代价的投资并不总是符合国家利益。某些外国对手，包括中华人民共和国（PRC），有计划地引导和促进对美国公司和资产的投资，以获取尖端技术、知识产权和战略行业的影响力。中国以各种方式实施这些战略，既有显性的，也有隐性的，而且往往是通过第三国的伙伴公司或投资基金。Economic security is national security.  The PRC does not allow United States companies to take over their critical infrastructure, and the United States should not allow the PRC to take over United States critical infrastructure.  PRC-affiliated investors are targeting the crown jewels of United States technology, food supplies, farmland, minerals, natural resources, ports, and shipping terminals.经济安全就是国家安全。中华人民共和国不允许美国公司接管其关键基础设施，美国也不应允许中华人民共和国接管美国的关键基础设施。与中华人民共和国有关联的投资者正在瞄准美国技术、食品供应、农田、矿产、自然资源、港口和航运码头等皇冠上的明珠。The PRC is also increasingly exploiting United States capital to develop and modernize its military, intelligence, and other security apparatuses, which poses significant risk to the United States homeland and Armed Forces of the United States around the world.  Related actions include the development and deployment of dual-use technologies, weapons of mass destruction, advanced conventional weapons, and malicious cyber‑enabled actions against the United States and its people.  Through its national Military-Civil Fusion strategy, the PRC increases the size of its military-industrial complex by compelling civilian Chinese companies and research institutions to support its military and intelligence activities.中华人民共和国还越来越多地利用美国的资本来发展其军事、情报和其他安全机构并使之现代化，这给美国本土和世界各地的美国武装部队带来了重大风险。相关行动包括开发和部署军民两用技术、大规模毁灭性武器、先进常规武器以及针对美国及其人民的恶意网络行动。中华人民共和国通过其国家军民融合战略，迫使中国的民用公司和研究机构支持其军事和情报活动，从而扩大了其军工综合体的规模。Those Chinese companies also raise capital by:  selling to American investors securities that trade on American and foreign public exchanges; lobbying United States index providers and funds to include these securities in market offerings; and engaging in other acts to ensure access to United States capital and accompanying intangible benefits.  In this way, the PRC exploits United States investors to finance and advance the development and modernization of its military.这些中国公司还通过以下方式筹集资金：向美国投资者出售在美国和外国公共交易所交易的证券；游说美国指数提供商和基金将这些证券纳入市场发行；以及采取其他行为确保获得美国资本和相应的无形利益。通过这种方式，中华人民共和国利用美国投资者来资助和推进其军事发展和现代化。Sec. 2.  Policy. (a)  It is the policy of the United States to preserve an open investment environment to help ensure that artificial intelligence and other emerging technologies of the future are built, created, and grown right here in the United States.  Investment in our economy from our allies and partners, some of whom have tremendous sovereign wealth funds, supports the national interest.  My Administration will make the United States the world’s greatest destination for investment dollars, to the benefit of all of us. 第 2 节. 政策政策。(a) 美国的政策是维护一个开放的投资环境，以帮助确保人工智能和其他未来新兴技术在美国本土建立、创造和发展。我们的盟友和合作伙伴（其中一些拥有庞大的主权财富基金）对我国经济的投资支持着国家利益。为了我们所有人的利益，我的政府将使美国成为世界上最大的投资目的地。 (b)  Yet for investment in United States businesses involved in critical technology, critical infrastructure, personal data, and other sensitive areas, restrictions on foreign investors’ access to United States assets will ease in proportion to their verifiable distance and independence from the predatory investment and technology-acquisition practices of the PRC and other foreign adversaries or threat actors.(b) 然而，对于涉及关键技术、关键基础设施、个人数据和其他敏感领域的美国企业的投资，对外国投资者获得美国资产的限制将根据其与中华人民共和国和其他外国对手或威胁行为体的掠夺性投资和技术收购行为的可核实距离和独立性而相应放宽。 (c)  The United States will create an expedited “fast-track” process, based on objective standards, to facilitate greater investment from specified allied and partner sources in United States businesses involved with United States advanced technology and other important areas.  This process will allow for increased foreign investment subject to appropriate security provisions, including requirements that the specified foreign investors avoid partnering with United States foreign adversaries.  (c) 美国将根据客观标准建立一个加快的 "快车道 "程序，以促进特定盟国和伙伴来源对涉及美国先进技术和其他重要领域的美国企业进行更多投资。这一程序将允许增加外国投资，但须遵守适当的安全规定，包括要求特定外国投资者避免与美国的外国对手合作。 (d)  My Administration will also expedite environmental reviews for any investment over $1 billion in the United States.(d) 我国政府还将加快对美国境内任何超过 10 亿美元投资的环境审查。 (e)  The United States will reduce the exploitation of public and private sector capital, technology, and technical knowledge by foreign adversaries such as the PRC.  The United States will establish new rules to stop United States companies and investors from investing in industries that advance the PRC’s national Military-Civil Fusion strategy and stop PRC-affiliated persons from buying up critical American businesses and assets, allowing only those investments that serve American interests.(e) 美国将减少公共和私营部门的资本、技术和技术知识被中华人民共和国等外国对手利用。美国将制定新的规则，阻止美国公司和投资者投资于推进中华人民共和国国家军民融合战略的行业，并阻止与中华人民共和国有关联的人收购美国的重要企业和资产，只允许那些符合美国利益的投资。 (f)  The United States will use all necessary legal instruments, including the Committee on Foreign Investment in the United States (CFIUS), to restrict PRC-affiliated persons from investing in United States technology, critical infrastructure, healthcare, agriculture, energy, raw materials, or other strategic sectors.  My Administration will protect United States farmland and real estate near sensitive facilities.  It will also seek, including in consultation with the Congress, to strengthen CFIUS authority over “greenfield” investments, to restrict foreign adversary access to United States talent and operations in sensitive technologies (especially artificial intelligence), and to expand the remit of “emerging and foundational” technologies addressable by CFIUS.(f) 美国将利用一切必要的法律手段，包括美国外国投资委员会（CFIUS），限制与中国有关联的人投资美国的技术、关键基础设施、医疗保健、农业、能源、原材料或其他战略部门。美国政府将保护敏感设施附近的美国农田和房地产。它还将寻求（包括与国会协商）加强外国投资委员会对 "绿地 "投资的权力，限制外国对手获得美国敏感技术（特别是人工智能）方面的人才和业务，并扩大外国投资委员会可处理的 "新兴和基础 "技术的范围。 (g)  To reduce uncertainty for investors, reduce administrative burden, and increase Government efficiency, my Administration will cease the use of overly bureaucratic, complex, and open-ended “mitigation” agreements for United States investments from foreign adversary countries.  In general, mitigation agreements should consist of concrete actions that companies can complete within a specific time, rather than perpetual and expensive compliance obligations.  More administrative resources, in turn, will be directed toward facilitating investments from key partner countries.(g) 为了减少投资者的不确定性，减轻行政负担，提高政府效率，我的政府将停止对来自外国敌对国家的美国投资使用过于官僚、复杂和无限期的 "缓解 "协议。一般来说，缓解协议应包括公司可以在特定时间内完成的具体行动，而不是永久和昂贵的合规义务。反过来，更多的行政资源将用于促进主要伙伴国家的投资。 (h)  The United States will continue to welcome and encourage passive investments from all foreign persons.  These include non-controlling stakes and shares with no voting, board, or other governance rights and that do not confer any managerial influence, substantive decisionmaking, or non-public access to technologies or technical information, products, or services.  This will allow our cutting-edge businesses to continue to benefit from foreign investment capital, while ensuring protection of our national security.(h) 美国将继续欢迎和鼓励所有外国人士进行被动投资。这包括无投票权、董事会权或其他治理权的非控股股权和股份，它们不赋予任何管理影响、实质性决策或非公开的技术或技术信息、产品或服务获取权。这将使我们的尖端企业继续受益于外国投资资本，同时确保保护我们的国家安全。 (i)  The United States will also use all necessary legal instruments to further deter United States persons from investing in the PRC’s military-industrial sector.  These may include the imposition of sanctions under the International Emergency Economic Powers Act (IEEPA) through the blocking of assets or through other actions, including actions pursuant to Executive Order 13959 of November 12, 2020 (Addressing the Threat From Securities Investments That Finance Communist Chinese Military Companies), as amended by Executive Order 13974 of January 13, 2021 (Amending Executive Order 13959 — Addressing the Threat From Securities Investments That Finance Communist Chinese Military Companies) and Executive Order 14032 of June 3, 2021 (Addressing the Threat From Securities Investments That Finance Certain Companies of the People’s Republic of China), and actions pursuant to Executive Order 14105 of August 9, 2023 (Addressing United States Investments in Certain National Security Technologies and Products in Countries of Concern).  Executive Order 14105 is under review by my Administration, pursuant to the Presidential Memorandum of January 20, 2025 (America First Trade Policy), to examine whether it includes sufficient controls to address national security threats.(i) 美国还将利用一切必要的法律手段，进一步阻止美国人投资中华人民共和国的军工部门。这可能包括根据《国际紧急经济权力法》（IEEPA）通过冻结资产或其他行动实施制裁，包括根据经 2020 年 1 月 13 日第 13974 号行政命令修订的 2020 年 11 月 12 日第 13959 号行政命令（《应对来自为中共军工企业融资的证券投资的威胁》）采取的行动、2021 年 1 月 13 日第 13974 号行政令修订的 2021 年第 13959 号行政令（修订第 13959 号行政令--应对来自资助中共军事公司的证券投资的威胁）和 2021 年 6 月 3 日第 14032 号行政令（应对来自资助中华人民共和国某些公司的证券投资的威胁），以及根据 2023 年 8 月 9 日第 14105 号行政令（应对美国对有关国家的某些国家安全技术和产品的投资）采取的行动。根据 2025 年 1 月 20 日的总统备忘录（美国优先贸易政策），我的政府正在对第 14105 号行政令进行审查，以检查其是否包含足够的控制措施来应对国家安全威胁。 (j)  This review will build on measures taken under my authority in 2020 and 2021 and consider new or expanded restrictions on United States outbound investment in the PRC in sectors such as semiconductors, artificial intelligence, quantum, biotechnology, hypersonics, aerospace, advanced manufacturing, directed energy, and other areas implicated by the PRC’s national Military-Civil Fusion strategy. Covered sectors should be reviewed and updated regularly, including by the Office of Science and Technology Policy.  As part of the review, my Administration will consider applying restrictions on investment types including private equity, venture capital, greenfield investments, corporate expansions, and investments in publicly traded securities, from sources including pension funds, university endowments, and other limited-partner investors.  It is past time for American universities to stop supporting foreign adversaries with their investment decisions, much as they should stop granting university access to supporters of terrorism.(j) 这次审查将以我在 2020 年和 2021 年授权采取的措施为基础，考虑对美国在中 国半导体、人工智能、量子、生物技术、高超音速、航空航天、先进制造、定向能 源等领域以及中国国家军民融合战略涉及的其他领域的对外投资实施新的或扩大 的限制。包括科技政策办公室在内的相关部门应定期进行审查和更新。作为审查的一部分，我的政府将考虑对投资类型进行限制，包括私募股权、风险资本、绿地投资、企业扩张和公开交易证券投资，投资来源包括养老基金、大学捐赠基金和其他有限合伙人投资者。美国的大学早就应该停止通过投资决策来支持外国对手，就像他们应该停止向恐怖主义的支持者提供大学入学机会一样。 (k)  To further reduce incentives for United States persons to invest in our foreign adversaries, we will review whether to suspend or terminate the 1984 United States-The People’s Republic of China Income Tax Convention.  That tax treaty, along with the PRC’s admission to the World Trade Organization and the related undertaking by the United States to accord unconditional Most Favored Nation treatment to goods and services of the PRC, led to the deindustrialization of the United States and the technological modernization of the PRC military.  We will seek to reverse both those trends.  United States investors will invest in the future of America, not the future of the PRC.(k) 为了进一步减少美国人在我们的外国对手那里投资的动机，我们将审查是否暂停或终止1984年《美国-中华人民共和国所得税公约》。该税收协定以及中华人民共和国加入世界贸易组织和美国承诺对中华人民共和国的商品和服务无条件给予最惠国待遇，导致了美国的非工业化和中华人民共和国军队的技术现代化。我们将努力扭转这两种趋势。美国投资者将投资于美国的未来，而不是中华人民共和国的未来。 (l)  To protect the savings of United States investors and channel them into American growth and prosperity, my Administration will also:(l) 为了保护美国投资者的储蓄并将其用于美国的增长和繁荣，我的政府还将 (i)    determine if adequate financial auditing standards are upheld for companies covered by the Holding Foreign Companies Accountable Act;(i) 确定《外国公司问责法》所涵盖的公司是否遵守了适当的财务审计标准； (ii)   review the variable interest entity and subsidiary structures used by foreign-adversary companies to trade on United States exchanges, which limit the ownership rights and protections for United States investors, as well as allegations of fraudulent behavior by these companies; and(ii) 审查外国子公司在美国交易所交易时使用的可变利益实体和子公司结构，这些结构限制了美国投资者的所有权和保护，以及对这些公司欺诈行为的指控；以及 (iii)  restore the highest fiduciary standards as required by the Employee Retirement Security Act of 1974, seeking to ensure that foreign adversary companies are ineligible for pension plan contributions.(iii) 恢复 1974 年《雇员退休保障法》所要求的最高信托标准，努力确保外国敌 对公司没有资格获得养老金计划缴款。Sec. 3.  Implementation.  The policy set forth in section 2 of this memorandum shall be implemented, to the extent permitted by law and available appropriations, and subject to internal programmatic and budgetary processes, as follows:第 3 节.实施。本备忘录第 2 节规定的政策应在法律和现有拨款允许的范围内，根据内部计划和预算程 序，按以下方式实施： (a)  With respect to sections 2(a) through 2(k) of this memorandum, the Secretary of the Treasury, in consultation with the Secretary of State, the Secretary of Defense, the Secretary of Commerce, the United States Trade Representative, and the heads of other executive departments and agencies (agencies) as deemed appropriate by the Secretary of the Treasury, and with respect to the authorities of CFIUS in coordination with the members thereof, shall take such actions, including the promulgation of rules and regulations, to support all powers granted to the President by IEEPA, section 721 of the Defense Production Act of 1950, as amended, and other statutes to carry out the purposes of this memorandum.(a) 关于本备忘录第 2(a)至 2(k)节，财政部长应与国务部长、国防部长、商务部长、美国贸易代表以及财政部长认为适当的其他行政部门和机构的负责人协商、就外国投资委员会的权限而言，应与该委员会成员协调，采取包括颁布规则和条例在内的行动，支持 IEEPA、经修订的 1950 年《国防生产法》第 721 条以及其他法规赋予总统的所有权力，以实现本备忘录的宗旨。(b)  With respect to section 2(d) of this memorandum, the Administrator of the Environmental Protection Agency, in consultation with the heads of other agencies as appropriate, shall carry out the purposes of this memorandum.(b) 关于本备忘录第 2(d)节，环境保护署署长应酌情与其他机构负责人协商，落实 本备忘录的宗旨。(c)  With respect to section 2(l)(i) of this memorandum, the Secretary of the Treasury shall engage as appropriate with the Securities and Exchange Commission and the Public Company Accounting Oversight Board; with respect to section 2(l)(ii) of this memorandum, the Attorney General, in coordination with the Director of the Federal Bureau of Investigation, shall provide a written recommendation on the risk posed to United States investors based on the auditability, corporate oversight, and evidence of criminal or civil fraudulent behavior for all foreign adversary companies currently listed on domestic exchanges; and with respect to section 2(l)(iii) of this memorandum, the Secretary of Labor shall publish updated fiduciary standards under the Employee Retirement Income Security Act of 1974 for investments in public market securities of foreign adversary companies.(c) 关于本备忘录第 2(l)(i)节，财政部长应酌情与证券交易委员会和上市公司会计监督委员会接触；关于本备忘录第 2(l)(ii)节，司法部长应与联邦调查局局 长协调，根据目前在国内交易所上市的所有外国对手公司的可审计性、公司监 督和刑事或民事欺诈行为证据，就美国投资者面临的风险提出书面建议；关于本备忘录第 2(l)(iii)条，劳工部长应根据《1974 年雇员退休收入保障法》公布投资于外国对手公司公开市场证券的最新信托标准。Sec. 4.  Definition. For purposes of this memorandum, the term “foreign adversaries” includes the PRC, including the Hong Kong Special Administrative Region and the Macau Special Administrative Region; the Republic of Cuba; the Islamic Republic of Iran; the Democratic People’s Republic of Korea; the Russian Federation; and the regime of Venezuelan politician Nicolás Maduro.第 4 节.定义。在本备忘录中，"外国对手 "一词包括中华人民共和国，包括香港特别行政区和澳门特别行政区；古巴共和国；伊朗伊斯兰共和国；朝鲜民主主义人民共和国；俄罗斯联邦；以及委内瑞拉政治家尼古拉斯-马杜罗政权。 Sec. 5.  General Provisions.  (a)  Nothing in this memorandum shall be construed to impair or otherwise affect:第 5 节：总则。一般规定。(a) 本备忘录的任何内容均不得解释为损害或以其他方式影响 (i.) the authority granted by law to an executive department or agency, or the head thereof; or(i.) 法律赋予行政部门或机构或其负责人的权力；或 (ii.) the functions of the Director of the Office of Management and Budget relating to budgetary, administrative, or legislative proposals.(ii.) 管理和预算办公室主任在预算、行政或立法建议方面的职能。 (b)  This memorandum shall be implemented consistent with applicable law and subject to the availability of appropriations.(b) 本备忘录的实施应符合适用法律，并视拨款情况而定。 (c)  This memorandum is not intended to, and does not, create any right or benefit, substantive or procedural, enforceable at law or in equity by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person.(c) 本备忘录无意也不会产生任何一方针对美国、其部门、机构或实体、其官员、 雇员或代理人或任何其他人可在法律上或衡平法上强制执行的实质性或程序性 权利或利益。

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通过技术增强对个人信息的保护，本公号曾经发表的文章包括：

67. 欧

关于新加坡数字化（包括个人信息、网络安全、人工智能等）方面的改革，本公号发表的文章：

关于健康医疗数据方面的文章有：

针对美国的人工智能监管政策发展，本公众号发表过如下文章：

27. 、

关于DeepSeek的系列文章：