Trading With the Communist Chinese Military Act of 1998

Trading With the Communist Chinese Military Act of 1998 - Directs the Secretary of Defense to compile, publish, and update continuously a list of Communist Chinese military companies owned or controlled by the People's Liberation Army and operating directly or indirectly in the United States or any of its territories and possessions.

Makes it unlawful for any person to serve as an officer, director, or other manager of any office or business in the United States or its territories or possessions that is owned, operated, or controlled by a Communist Chinese military company. Directs the President by regulation to require the closing and divestiture of such offices and businesses.

Prohibits the importation into the United States of goods or services that are the growth, product, or manufacture of a Communist Chinese military company.

Makes it unlawful for any U.S. person to: (1) make a loan or extend credit to any Communist Chinese military company; (2) acquire an ownership interest in such a company; or (3) export to such a company any item on the U.S. Munitions List.

Exempts from the application of this Act any transaction which the President determines (and reports to the Congress) to involve the transfer of food, clothing, medicine, or emergency supplies intended to relieve human suffering.

Sets forth penalties for violations of this Act.