South Dakota Sen. Mike Rounds was a panelist for the inaugural Reagan National Economic Forum in California. (Getty Images)
Rounds' remarks focused on keeping the U.S. in the driver's seat of the world's economy, which he explained is deeply entwined in technological advances and bucking Chinese theft of intellectual property, while also acknowledging and combating how China has advanced into a "near-peer competitor" with the U.S. from a military standpoint.
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"We've got to do a better job of protecting the intellectual properties that we've got. The most advanced types of technologies that we have, everything we can do to slow down their connection with that, protecting against that infiltration or de-filtration of really good information that, right now, they're stealing from us on a regular basis," Rounds said during a panel called "China and the U.S.: When Trading Partners are also Great Power Competitors."
China has stolen billions in intellectual property on an annual basis, Sen. Mike Rounds says. (Jakub Porzycki/NurPhoto via Getty Images)
Rounds said the country needed a pause on admitting Chinese nationals with CCP ties into elite U.S. schools until an enforceable agreement is in place protecting intellectual property and processes from Chinese capture.
"We have Chinese students that come in here, and then they [maintain] ties back home. And even if they want to stay here, one of the challenges we have is that their family may very well be coerced into requiring them to come back home again. And if that's the case, any of the knowledge that we've helped them to develop here goes back home with them," Rounds said.
"Until such time as we're able to address that, and until such time as we're able to be assured that the information that they're getting here, the data that they are catching here, the knowledge that they gain here isn't going to be used against our young men and women in the future, we want to slow this down a little bit. Let's just take a break. Let's not be bringing in these Chinese students that have ties with the Chinese Communist Party, until we have some kind of agreement in place that is enforceable," he said.
Chinese President Xi Jinping listens during a meeting in Hanoi, Vietnam, on April 14. (AP/Minh Hoang)
The Trump administration leveled tariffs as high as 145% on Chinese goods in April, and China retaliated against the president's "Liberation Day" policies with tariffs of its own. China and the U.S. reached a preliminary trade agreement last month, which Trump said China violated in a Truth Social post on Friday.
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"I made a FAST DEAL with China in order to save them from what I thought was going to be a very bad situation, and I didn’t want to see that happen. Because of this deal, everything quickly stabilized and China got back to business as usual. Everybody was happy! That is the good news!!! The bad news is that China, perhaps not surprisingly to some, HAS TOTALLY VIOLATED ITS AGREEMENT WITH US. So much for being Mr. NICE GUY!" he wrote.
Red flags flutter in front of the Great Hall of the People on March 4, 2022, in Beijing, China. (VCG/VCG via Getty Images)
The forum at the Ronald Reagan Presidential Library, which is nestled in California's Santa Susana Mountains and the Simi Hills, kicked off on Thursday evening, and featured more than a dozen discussions and panels focused on the economy, artificial intelligence, U.S. defense strategies, the energy sector and more across Friday. Banking leader Jamie Dimon of JPMorgan Chase, Energy Secretary Chris Wright and former Treasury Secretary Steve Mnuchin were among those who joined Rounds in addressing the nation's economic health.
A statue of the former president at the Ronald Reagan Presidential Library.
The conference comes as the Senate works to pass the Big Beautiful Bill, which is a sweeping multitrillion-dollar piece of legislation that advances Trump's agenda on taxes, immigration, energy, defense and the national debt. Rounds said the legislation must pass or Americans will see their taxes spike.
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"We don't have a choice. We have to pass the bill to get the Tax Cuts and Jobs Act back in place on a permanent basis. If we don't do that, the average American family is going to see about a $2,400 a year increase in their taxes. So we have to do something. And it's critical that we pass this bill. We're going to work with the House. We're gonna get this deal done. The Senate will put their mark of approval on it, but nonetheless, we want to do everything we can as quickly as we can to take care of this so that we can get on to other things. The president has made it very clear he wants to get this done. We want to help in that regard. This is our job," he said.
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