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
Event
Associate Steven Arango to Speak at the Veterans' Legal Career Fair
On September 18, Associate Steven Arango will speak on a panel at the Veterans' Legal Career Fair (VLCF), the only legal career fair in the United States dedicated to veterans, active-duty service members, and military spouses.
September 18, 2026
Event
Partner David Greenwald to Speak at PLI Program on Privilege and AI
On August 17, David Greenwald will speak at "Fitting New “Tech” Into the Attorney-Client Privilege and Work Product Protection," a virtual program hosted by the Practising Law Institute (PLI).
August 17, 2026
Publications
Special Counsel Kimberly Cook Featured in FCBA Member Spotlight
The Federal Communications Bar Association (FCBA) featured Kimberly Cook in its Member Spotlight series.
August 13, 2026
Recognition
Three Jenner & Block Partners Named to Crain's New York Business' 2026 Notable Leaders in Accounting, Consulting & Law List
Crain's New York Business recognized Jenner & Block Partners Anthony Barkow, Alison Stein, and Damian Williams among its 2026 Notable Leaders in Accounting, Consulting & Law.
August 10, 2026
Publications
In Law360, Trump Debarment Threat Calls for Targeted Defense Plan
Partners Ashley Callen and David Robbins authored an article for Law360 examining how entities should respond when suspension or debarment is threatened directly by the president, rather than initiated through the usual agency-driven process.
August 6, 2026