357. National Security Decision Memorandum 1551
- The Secretary of State
- The Secretary of Treasury
- The Secretary of Defense
- The Secretary of Commerce
- Relaxation of Restrictions on Trade with People’s Republic of China
The President has considered the findings and recommendations forwarded in the report of the Under Secretaries Committee regarding trade and travel relations between the United States and the People’s Republic of China.2 Based on that report he has made the following decisions:3
- The Secretary of Commerce should transfer the People’s Republic of China from Country Group Z of the Commodity Control List to Country Group Y.
- The Secretary of the Treasury should eliminate the Foreign Assets Control requirement that subsidiaries of U.S. firms in COCOM countries obtain a Treasury license in addition to a host country license for the export of strategic goods to the People’s Republic of China, and the requirement that subsidiaries of U.S. firms abroad obtain prior Treasury licensing for export of foreign technology to the People’s Republic of China.
Additional recommendations contained in the Under Secretaries report are under consideration.