On 21 February 2025, U.S. President Trump signed a memorandum on the "America First Investment Policy". The policy aims to welcome and strengthen foreign investment in the U.S. to create jobs and economic growth, especially from allies and partners, while safeguarding U.S. critical infrastructure and technology from foreign adversaries, particularly the People's Republic of China (PRC). The policy also notably includes that the 1984 China-U.S. tax treaty will be reviewed for potential suspension or termination to further reduce incentives for U.S. persons to invest in China.