According to an official with the Treasury Department, the U.S. is lacking effective tools to prevent rampant intellectual property theft and espionage being executed by the Chinese. According to Assistant Secretary to the Treasury, Paul Rosen, despite IP theft and the U.S. being engaged in an ongoing tech competition with China, Washington has not yet developed the necessary tools to prevent the continuous transfer of sensitive technologies to Beijing.
"We currently assess we don't have an effective tool to target the money and sophistication with know-how that goes into these sensitive and most critical technologies into countries of concern," Rosen said during a late May hearing of the Senate Committee on Banking, Housing, and Urban Affairs.
"We risk leaving a gap in terms of some of our national security concerns," he added.
Rosen noted that the Biden administration would prioritize IP and tech interests over economic development if necessary as it is "zealously" committed to defending U.S. security.
"The United States will secure our interests an those of our allies and partners," Rosen continued.
"We will not compromise on national security concerns, even when they force trade-offs with economic interests, he concluded.
Expert testimony last year before Congress claimed that the Chinese Communist Party (CCP) is actively engaging in anti-free market and anti-competitive practices on an international level. The testimony noted that the U.S. lacks sufficient non-security tools to protect its interests. Rosen's remarks confirm the expert testimony.
Subscribe to our evening newsletter to stay informed during these challenging times!!