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Trump said to be weighing fines for China over intellectual property theft

by | 18 Jan, 2018

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Donald Trump is preparing large fines for China over intellectual property fraud, with the administration having already started a trade investigation into the issue, according to a Reuters report.

Trump said in an interview with the publication alongside his economic adviser Gary Cohn: “We have a very big intellectual property potential fine going, which is going to come out soon.”

Referencing the potential scale of the fines, Trump added: “We’re talking about big damages. We’re talking about numbers that you haven’t even thought about.”

The President said he would be discussing the issue over unfair trade practices from the Chinese and what the administration would do about it in his State of the Union address to the U.S. Congress on January 30th.

Ever since Trump secured his electoral victory at the end of 2016, speculators had been waiting for him to begin enacting his ‘America first’ trade agenda and expected a trade war with China to come sooner rather than later. However, after meeting with China’s leader President Xi on several occasions, Trump seemed to soften his tone as he looked to improve relations with Asia’s key superpower in order to reign in the North Korean regime.

Regardless, the issue has always been lurking underneath the surface despite more cordial relations as of late. U.S. businesses say they lose hundreds of billions of dollars in technology and millions of jobs to Chinese firms which have stolen software and ideas, or forced them to turn over intellectual property as part of the price they must pay to gain access to China’s markets.

Internet companies in particular have faced big barriers to entry, as China’s communist government in Beijing has chosen to block access to search engines like Google, social media sites like Facebook and social networking apps like WhatsApp, in order to limit Western influence in the country.

Related: China reveals large falls in trade with North Korea

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ALL RIGHTS RESERVED © INVSTR LTD. 2018

Risk Disclosure:
Invstr is a technology platform, not a registered broker-dealer or investment adviser. Invstr does not offer its own recommendations of any security or provide its own research to any user regarding any security transaction or order.
Please note, investing involves risk and investments may lose value. Past performance does not guarantee future results.
Brokerage services are provided by the following:
US-traded securities, including fractional trading, are provided to Invstr users by DriveWealth LLC, a regulated member of FINRA/SIPC. DriveWealth may not establish investment accounts to residents of certain jurisdictions. For more information, including disclaimers, risk and transaction fees click here.
India account traded securities are provided by SIC Stocks & Services PVT Ltd. SIC does not make any personal recommendations to buy, sell or otherwise deal in investments. Investors make their own investment decisions. The services and securities provided by SIC may not be suitable for all customers and, if you have any doubts, you should seek advice from an independent financial adviser. For more information and disclaimers, click here.

 

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