Protecting the USMCA from Harmful Chinese Investment Act

This bill mandates the United States Trade Representative (USTR) to prioritize North American alignment on foreign investment review during the upcoming joint review under the United States-Mexico-Canada Agreement (USMCA). The legislation expresses a Sense of Congress that robust investment review mechanisms are crucial for strengthening the collective national security interests of the USMCA countries against risks posed by foreign investments from nonmarket economy countries , particularly the People's Republic of China. It highlights the importance of the USMCA in underpinning significant trade and promoting a strong North American supply chain. Specifically, the USTR is directed to advocate for Canada and Mexico to implement legislative and regulatory frameworks for reviewing foreign investments for national security risks that are similar to the framework established under section 721 of the Defense Production Act of 1950, which governs the Committee on Foreign Investment in the United States (CFIUS). The bill also requires the USTR to push for the establishment of a mechanism for USMCA countries to coordinate efforts in addressing shared threats from investments originating in nonmarket economy countries. To support these objectives, the USTR, in coordination with the Secretaries of the Treasury and State, must provide technical assistance to USMCA countries to aid in establishing these vital investment review frameworks.