The America First Investment Policy in Practice
With the December 18, 2025 confirmation of Chris Pilkerton as the Assistant Treasury Secretary for Investment Security, the Trump administration’s “America First Investment Policy” is in full swing. This policy articulates a goal of welcoming foreign investment in the United States, while remaining vigilant of new and evolving threats that can accompany such investment.
The policy focuses on threats posed by China’s investment in the United States, raising particular concern about China taking over US critical infrastructure. To address this concern, the policy provides that in the case of investment in US 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.” In other words, the further China is away from the investment, the more favorable the US will view it.
Conversely, the United States seeks to promote investment from allies and partners like Japan. This will include creating an expedited process to facilitate such investment in businesses involved with US advanced technology and other important areas. The Committee on Foreign Investment in the United States (CFIUS) has not yet implemented such a “Fast Track” process, but recent multilateral initiatives demonstrate the US approach to promoting shared business interests among allies and partners. For example, the recently announced Pax Silica Initiative among the United States, Japan, Korea, Singapore, the Netherlands, the United Kingdom, Israel, United Arab Emirates, and Australia, aims “to establish a durable economic order that underwrites an AI-driven era of prosperity across partner countries.” This will be done, among other things, through new joint ventures and strategic co-investment opportunities, while protecting sensitive technologies and critical infrastructure from undue access or control by countries of concern.
In sum, we expect increasingly streamlined investment reviews and frameworks for partner countries like Japan, as the administration continues to implement the America First Investment Policy and other related initiatives.
This article is available in the Jenner & Block Japan Newsletter. / この記事はJenner & Blockニュースレターに掲載されています。
Conversely, the United States seeks to promote investment from allies and partners like Japan. This will include creating an expedited process to facilitate such investment in businesses involved with US advanced technology and other important areas. The Committee on Foreign Investment in the United States (CFIUS) has not yet implemented such a “Fast Track” process, but recent multilateral initiatives demonstrate the US approach to promoting shared business interests among allies and partners. For example, the recently announced Pax Silica Initiative among the United States, Japan, Korea, Singapore, the Netherlands, the United Kingdom, Israel, United Arab Emirates, and Australia, aims “to establish a durable economic order that underwrites an AI-driven era of prosperity across partner countries.” This will be done, among other things, through new joint ventures and strategic co-investment opportunities, while protecting sensitive technologies and critical infrastructure from undue access or control by countries of concern.
In sum, we expect increasingly streamlined investment reviews and frameworks for partner countries like Japan, as the administration continues to implement the America First Investment Policy and other related initiatives.
This article is available in the Jenner & Block Japan Newsletter. / この記事はJenner & Blockニュースレターに掲載されています。
Related Attorneys
Related Articles
Related Capabilities
© 2026 Jenner & Block LLP. Attorney Advertising. Jenner & Block LLP is an Illinois Limited Liability Partnership including professional corporations. This publication, presentation, or event is not intended to provide legal advice but to provide information on legal matters and/or firm news of interest to our clients and colleagues. Readers or attendees should seek specific legal advice before taking any action with respect to matters mentioned in this publication or at this event. The attorney responsible for this communication is Brent E. Kidwell, Jenner & Block LLP, 353 N. Clark Street, Chicago, IL 60654-3456. Prior results do not guarantee a similar outcome. Jenner & Block London LLP, an affiliate of Jenner & Block LLP, is a limited liability partnership established under the laws of the State of Delaware, USA and is authorised and regulated by the Solicitors Regulation Authority with SRA number 615729. Information regarding the data we collect and the rights you have over your data can be found in our Privacy Notice. For further inquiries, please contact dataprotection@jenner.com.
With the December 18, 2025 confirmation of Chris Pilkerton as the Assistant Treasury Secretary for Investment Security, the Trump administration’s “America First Investment Policy” is in full swing. This policy articulates a goal of welcoming foreign investment in the United States, while remaining vigilant of new and evolving threats that can accompany such investment.
The policy focuses on threats posed by China’s investment in the United States, raising particular concern about China taking over US critical infrastructure. To address this concern, the policy provides that in the case of investment in US 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.” In other words, the further China is away from the investment, the more favorable the US will view it.
Conversely, the United States seeks to promote investment from allies and partners like Japan. This will include creating an expedited process to facilitate such investment in businesses involved with US advanced technology and other important areas. The Committee on Foreign Investment in the United States (CFIUS) has not yet implemented such a “Fast Track” process, but recent multilateral initiatives demonstrate the US approach to promoting shared business interests among allies and partners. For example, the recently announced Pax Silica Initiative among the United States, Japan, Korea, Singapore, the Netherlands, the United Kingdom, Israel, United Arab Emirates, and Australia, aims “to establish a durable economic order that underwrites an AI-driven era of prosperity across partner countries.” This will be done, among other things, through new joint ventures and strategic co-investment opportunities, while protecting sensitive technologies and critical infrastructure from undue access or control by countries of concern.
In sum, we expect increasingly streamlined investment reviews and frameworks for partner countries like Japan, as the administration continues to implement the America First Investment Policy and other related initiatives.
This article is available in the Jenner & Block Japan Newsletter. / この記事はJenner & Blockニュースレターに掲載されています。
Conversely, the United States seeks to promote investment from allies and partners like Japan. This will include creating an expedited process to facilitate such investment in businesses involved with US advanced technology and other important areas. The Committee on Foreign Investment in the United States (CFIUS) has not yet implemented such a “Fast Track” process, but recent multilateral initiatives demonstrate the US approach to promoting shared business interests among allies and partners. For example, the recently announced Pax Silica Initiative among the United States, Japan, Korea, Singapore, the Netherlands, the United Kingdom, Israel, United Arab Emirates, and Australia, aims “to establish a durable economic order that underwrites an AI-driven era of prosperity across partner countries.” This will be done, among other things, through new joint ventures and strategic co-investment opportunities, while protecting sensitive technologies and critical infrastructure from undue access or control by countries of concern.
In sum, we expect increasingly streamlined investment reviews and frameworks for partner countries like Japan, as the administration continues to implement the America First Investment Policy and other related initiatives.
This article is available in the Jenner & Block Japan Newsletter. / この記事はJenner & Blockニュースレターに掲載されています。
Related Attorneys
Related Articles
Related Capabilities
© 2026 Jenner & Block LLP. Attorney Advertising. Jenner & Block LLP is an Illinois Limited Liability Partnership including professional corporations. This publication, presentation, or event is not intended to provide legal advice but to provide information on legal matters and/or firm news of interest to our clients and colleagues. Readers or attendees should seek specific legal advice before taking any action with respect to matters mentioned in this publication or at this event. The attorney responsible for this communication is Brent E. Kidwell, Jenner & Block LLP, 353 N. Clark Street, Chicago, IL 60654-3456. Prior results do not guarantee a similar outcome. Jenner & Block London LLP, an affiliate of Jenner & Block LLP, is a limited liability partnership established under the laws of the State of Delaware, USA and is authorised and regulated by the Solicitors Regulation Authority with SRA number 615729. Information regarding the data we collect and the rights you have over your data can be found in our Privacy Notice. For further inquiries, please contact dataprotection@jenner.com.
News and Insights
Publications
In New York Law Journal, The True Lender Doctrine and the OppFi Decision
Partners Jeremy Creelan, Michael Ross, Megan Poetzel, and Laurel Loomis Rimon, and Associate Molly Oberstein-Allen authored an article for the New York Law Journal examining the "True Lender" doctrine in light of a May 2026 California decision that provides the most detailed judicial framework to date for evaluating bank-nonbank lending partnerships.
July 1, 2026
Event
Partner Michael Vernick to Speak at NACUA's 2026 Annual Conference
On July 1, Partner Michael Vernick will speak on a panel at the National Association of College and University Attorneys (NACUA) 2026 Annual Conference in Nashville.
July 1, 2026
Publications
In Employee Relations Law Journal: What Happens When ERISA Disability Deadlines Slip
Partner Joseph Torres along with Associates Emma O'Connor and Christopher LeWarne, authored an article for the Employee Relations Law Journal analyzing a significant Fourth Circuit decision with substantial consequences for ERISA disability plan administrators.
June 23, 2026