S. 2861 — Protecting the USMCA from Harmful Chinese Investment Act

This section expresses the sense of Congress that USMCA countries should establish foreign investment review frameworks similar to section 721 of the Defense Production Act (i.e., CFIUS authorities) to address national security risks from nonmarket economy countries, including China, given approximately $1 trillion in annual bilateral goods and services trade with each of Canada and Mexico. It directs the U.S. Trade Representative, during the first USMCA joint review after enactment and subject to 19 U.S.C. 4611, to advocate for such frameworks in each USMCA country and a coordination mechanism on shared threats; requires coordination with the Secretaries of the Treasury and State to provide technical assistance (e.g., expert advisers, training, grants, study tours) for those frameworks; and defines key terms including nonmarket economy country (per 19 U.S.C. 1677(18)).