On February 21, 2025, President Trump issued the “America First Investment Policy” memorandum to address foreign investment in the U.S. and outbound U.S. investments. It emphasizes national security against foreign adversaries, particularly China, Russia, and others. Key measures include easing restrictions based on distance from adversaries, a fast-track process for allied investments, expedited environmental reviews for large investments, and strengthening CFIUS’s authority to limit investments from adversaries in strategic sectors. The memorandum also reviews outbound investment regulations to prevent U.S. support of the PRC’s military sector. Investors should monitor potential regulatory changes closely.