Trading with the People's Republic of China Military Act of 1998

Trading With the People's Republic of China Military Act of 1998 - Declares it to be U.S. policy to prohibit any entity owned, operated, or controlled by the People's Liberation Army or the People's Armed Police from operating in the United States or from conducting certain business with persons subject to the jurisdiction of the United States.

Directs the Secretary of Defense to compile, and publish in the Federal Register, a list of persons who are People's Republic of China (PRC) military companies operating directly or indirectly in the United States or any of its territories or possessions.

Makes it unlawful for any person to: (1) serve as an officer, director, or other manager of any office or business anywhere in the United States or its territories or possessions that is owned, operated, or controlled by a PRC military company; or (2) make any loan or other extension of credit to any PRC military company, or acquire any ownership interest in such a company. Makes it unlawful for: (1) any person subject to U.S. jurisdiction to export goods, technology, or services to such a company; or (2) any person to export to such a company any goods, technology, or services subject to U.S. jurisdiction.

Directs the President to require by regulation the closing and divestiture of such companies in the United States or its territories or possessions.

Prohibits goods or services that are the growth, product, or manufacture of a PRC military company from being imported into the United States.

Sets forth penalties for violations of this Act.