President Trump issued the “America First Investment Policy” NSPM on February 21, 2025, targeting inbound and outbound investments. The memorandum aims to ease regulations for U.S. allies while tightening scrutiny on investments from adversarial nations, including China, Russia, and Iran, particularly in sensitive technologies. A “fast-track” process for allied investments, expedited reviews for large investments, and reduced bureaucratic hurdles for mitigation agreements are key features. The NSPM also proposes expanding outbound investment restrictions to cover additional sectors and enhance scrutiny of Chinese investments, reinforcing the notion that economic security equates to national security. Passive investments remain encouraged.