Imposition of sanctions with respect to provision to or purchase from People's Republic of China of covered national interest technology and intellectual property

(a) In general The President shall, pursuant to the International Emergency Economic Powers Act (50 U.S.C. 1701 et seq.), block and prohibit all transactions in all property and interests in property of a person described in subsection (b) if such property and interests in property are in the United States, come within the United States, or are or come within the possession or control of a United States person. (b) Persons described A person described in this subsection is— (1) a foreign person that, on or after the date of the enactment of this Act, knowingly sells or otherwise provides to, or knowingly purchases from, the People's Republic of China any covered national interest technology or intellectual property subject to the jurisdiction of the United States; or (2) a Chinese person that, on or after such date of enactment, knowingly uses covered national interest technology or intellectual property provided to the Chinese person in violation of section 4 or any other export control law of the United States. (c) Exception relating to importation of goods (1) In general The requirement to block and prohibit all transactions in all property and interests in property under subsection (a) shall not include the authority to impose sanctions on the importation of goods. (2) Good defined In this subsection, the term good means any article, natural or man-made substance, material, supply or manufactured product, including inspection and test equipment, and excluding technical data. (d) Waiver The President may waive the imposition of sanctions under subsection (a) with respect to a person if the President determines and reports to Congress that the waiver is in the national security interests of the United States. (e) Implementation; penalties (1) Implementation The President may exercise all authorities provided under sections 203 and 205 of the International Emergency Economic Powers Act (50 U.S.C. 1702 and 1704) to carry out this section. (2) Penalties A person that violates, attempts to violate, conspires to violate, or causes a violation of subsection (a) or any regulation, license, or order issued to carry out that subsection shall be subject to the penalties set forth in subsections (b) and (c) of section 206 of the International Emergency Economic Powers Act (50 U.S.C. 1705) to the same extent as a person that commits an unlawful act described in subsection (a) of that section. (3) Inapplicability of national emergency requirement The requirements of section 202 of the International Emergency Economic Powers Act (50 U.S.C. 1701) shall not apply for purposes of this section.