LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » India News

Trump orders probe into China's trade practices, Beijing warns

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Updated: Tue, Aug 15, 2017
02:40 pm
PTI
RELATED NEWS
Monetary Policy announcements exhibit continuity and stability - Expert Ajay Bagga tells Anil Singhvi Monetary Policy announcements exhibit continuity and stability - Expert Ajay Bagga tells Anil Singhvi
RBI Monetary Policy Review: Shaktikanta Das led panel keeps policy rates unchanged RBI Monetary Policy Review: Shaktikanta Das led panel keeps policy rates unchanged
Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here

President Donald Trump today ordered a probe into China's "unfair" trade practices and "theft" of American intellectual property, drawing a sharp reaction from Beijing which warned that it "will not sit idle" in the face of punitive US actions.

Trump signed a memorandum that directs US Trade Representative Robert Lighthizer to determine whether an investigation is needed into alleged unfair Chinese trade practices. Shortly after Trump signed the directive, Lighthizer said his office will launch a probe and, "if needed, take action to preserve the future of US industry".

Trump's action comes amid rising tensions between the two nations over provocative missile tests and threats by Beijing's ally North Korea.

"The theft of intellectual property by foreign countries costs our nation millions of jobs and billions and billions of dollars each and every year. For too long, this wealth has been drained from our country while Washington has done nothing," Trump said.

"Today, I'm directing the United States Trade Representative to examine China's policies, practices, and actions with regard to the forced transfers of American technology and the theft of American intellectual property," Trump said as he signed the memorandum.

"As President of the United States, it's my duty and responsibility to protect the American workers, technology, and industry from unfair and abusive actions," he said.

Trump said his administration will stand up to any country that unlawfully forces American companies to transfer their valuable technology as a condition of market access.

Following Trump's order and his remarks on crackdown on unfair trade practices, China's commerce ministry issued a stern statement voicing "serious concern" and warning that any punitive measures will harm bilateral trade relations.

"If the US side takes actions that impair the mutual trade relations, disregarding the facts and disrespecting multilateral trade rules, China will not sit idle," the statement said.

China "is definitely going to adopt all appropriate measures to vigorously defend" its lawful rights and interest, it said.

The country has "always been paying high attention to intellectual property right protection, continuously perfecting the legislation", and that the progress it has made on that front is "obvious to all", the commerce ministry said.

Trump said the US will combat the counterfeiting and piracy that destroys American jobs and enforce the rules of fair and reciprocal trade that form the foundation of responsible commerce.

"We will protect forgotten Americans who have been left behind by a global trade system that has failed to look -- and I mean look -- out for their interests. They have not been looking out at all," he said.

Trump said the US Trade Representative Lighthizer is empowered to consider all available options at his disposal.

"We will safeguard the copyrights, patents, trademarks, trade secrets, and other intellectual property that is so vital to our security and to our prosperity. We will uphold our values, we will defend our workers, and we will protect the innovations, creations, and inventions that power our magnificent country," he said.

Lighthizer said the US has for many years been facing a very serious problem. "China industrial policies and other practices reportedly have forced the transfer of vital US technology to Chinese companies," he alleged.

"We will engage in a thorough investigation and, if needed, take action to preserve the future of US industry.

Thousands of jobs are at stake for our workers and for future generations. This will be one of USTR's highest priorities, and we will report back to the President as soon as possible," Lighthizer said.

Top American lawmakers welcomed the move. "I am pleased that President Trump has targeted China's forced technology policies. These practices have unfairly forced American companies to surrender vital intellectual property to their Chinese competitors as the price for doing business," said House Ways and Means Committee Chairman Kevin Brady.

Democratic Leader Nancy Pelosi alleged that for years now, China's brazenly unfair trade practices have weakened America's economy and hurt American workers.

Pelosi asked USTR to take steps against China's theft of American trade-secrets, China's piracy of other American intellectual property, including software and market barriers facing US businesses and products in China.

The bipartisan IP Commission also welcomed Trump's decision.

"The scale of Chinese forced transfer and theft of American intellectual property threatens these interests, both our prosperity and security, and thus US policy must address this set of issues," said Dr Richard Ellings, director of the IP Commission and president of National Bureau of Asian Research.

 

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Economy
RELATED NEWS
Monetary Policy announcements exhibit continuity and stability - Expert Ajay Bagga tells Anil Singhvi Monetary Policy announcements exhibit continuity and stability - Expert Ajay Bagga tells Anil Singhvi
RBI Monetary Policy Review: Shaktikanta Das led panel keeps policy rates unchanged RBI Monetary Policy Review: Shaktikanta Das led panel keeps policy rates unchanged
Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here

LATEST NEWS

Covid 19 symptoms: What is the right oxygen saturation level, when should you see a doctor—EXPLAINED

Southern Railway Paramedical Staff Recruitment 2021: Earn up to Rs 44,900 plus DA and other allowances for 191 vacant posts - check notification at official website

Apex Legends Mobile: Check release date, system requirements, pre-registration link, and other important details

COVID-19: Hospitals in Delhi-NCR short on oxygen, send SOS to Govt - All details here

PUBG Mobile 1.4 update: Check global version beta update APK download link for worldwide users

ACC Share price: ICICI Securities pegs target price at Rs 2250

Delhi Schools Summer Vacation 2021 RESCHEDULED; private schools asked to suspend online teaching and learning activities - check details here

JPMorgan on Aurobindo Pharma stock re-rating trigger and target price

WhatsApp Pink - a new virus now threatens users accounts; find out what it is and how to stay safe

KVS Class 1 Admission List 2021-22 Postponed: First selection and waiting list was to be released tomorrow, revised dates to be notified soon - check all details here

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved