Trump’s investment restrictions target ‘foreign adversaries,’ including Macau

U.S. President Donald Trump has signed a memorandum directing the Committee on Foreign Investment in the United States (CFIUS) to impose new investment restrictions on countries deemed "foreign adversaries," a list that includes China, Hong Kong, and Macau.

The policy, titled the "America First Investment Policy," aims to curb foreign investments that could threaten U.S. economic and national security, particularly in technology, infrastructure, healthcare, agriculture, and energy. Other countries on the list include Cuba, Iran, North Korea, Russia, and Venezuela.  

Economic security is national security, Trump emphasized in the memo, adding that China’s use of U.S. capital to strengthen its military and intelligence operations poses a direct risk to U.S. interests.

The memorandum directs CFIUS to tighten regulations on Chinese investments in key U.S. industries, with possible restrictions extending to private equity and venture capital investments, greenfield projects and corporate expansions, and publicly traded securities  

The policy is expected to further strain U.S.-China relations, which have already been impacted by previous trade restrictions and tariffs imposed under the Trump administration.  

China’s Ministry of Commerce responded swiftly, calling the restrictions “discriminatory” and warning of potential countermeasures. "China will keep a close watch on the U.S. side and take necessary measures to defend its legitimate rights and interests," the Ministry said.

Macau’s designation as a foreign adversary is particularly notable, as the region’s casino industry is heavily tied to U.S.-based operators, including Sands China, Wynn Macau, and MGM China. These three firms, subsidiaries of major U.S. casino companies, help drive Macau’s gaming sector, which contributes over 80% of the region’s annual budget.  

It remains unclear whether or how Trump’s directive could impact these operators, though past U.S.-China trade tensions have triggered declines in Macau casino stocks.  

Trump’s move primarily focuses on critical industries such as biotechnology, semiconductors, and agriculture—not Macau’s gaming sector. However, analysts warn that heightened trade tensions could lead to unintended economic consequences for U.S. casino firms with significant interests in Macau.