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US to review China intellectual property policies | US to review China intellectual property policies |
(about 5 hours later) | |
The US has formally launched an investigation into China's policies regarding intellectual property. | The US has formally launched an investigation into China's policies regarding intellectual property. |
The top US trade official, Robert Lighthizer, said his office had "determined that these critical issues merit a thorough investigation". | The top US trade official, Robert Lighthizer, said his office had "determined that these critical issues merit a thorough investigation". |
The move was expected after President Donald Trump asked Mr Lighthizer to review China's practices. | The move was expected after President Donald Trump asked Mr Lighthizer to review China's practices. |
China has voiced "serious concern" over the inquiry, which could result in US trade sanctions. | China has voiced "serious concern" over the inquiry, which could result in US trade sanctions. |
The US has been concerned about these matters for some time, said Gary Hufbauer, from the Peterson Institute for International Economics in Washington. | The US has been concerned about these matters for some time, said Gary Hufbauer, from the Peterson Institute for International Economics in Washington. |
The annual cost to the US economy from counterfeit goods, pirated software and theft of trade secrets has been estimated at up to $600bn (£470bn). | |
On Friday the US said it planned to look into hacking and reports that the Chinese government is steering investment into US companies in key industries as a way to gain access to new technology. | On Friday the US said it planned to look into hacking and reports that the Chinese government is steering investment into US companies in key industries as a way to gain access to new technology. |
Officials will gather comments and hold a hearing in October as part of the so-called Section 301 investigation. | Officials will gather comments and hold a hearing in October as part of the so-called Section 301 investigation. |
What happens next? | What happens next? |
Mr Hufbauer said it's a "foregone conclusion" that the US will find evidence of unfair practices, but it's not clear how the Trump administration will proceed after that. | Mr Hufbauer said it's a "foregone conclusion" that the US will find evidence of unfair practices, but it's not clear how the Trump administration will proceed after that. |
It could bring a complaint to the World Trade Organization, or decide to take action unilaterally, which would be faster. | It could bring a complaint to the World Trade Organization, or decide to take action unilaterally, which would be faster. |
Penalties might be targeted against individual companies, or more wide-ranging, he added, which will shape China's reaction. | Penalties might be targeted against individual companies, or more wide-ranging, he added, which will shape China's reaction. |
On Tuesday, China's commerce ministry warned: "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." | On Tuesday, China's commerce ministry warned: "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." |
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