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China gives on key US trade-war demand

Revmitchell

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China has passed a new law that it says will protect the intellectual property rights of foreign businesses operating in the country.

"Beijing will not discriminate between domestic and foreign enterprises when enforcing its IP laws,” said Ning Jizhe, the vice chairman of China’s National Development and Reform Commission, at a press conference in Beijing.

Theft of intellectual property from U.S. companies is a driving concern in President Trump's trade war with the world's second-largest economy, with American negotiators seeking to halt forced sharing of trade secrets as a condition of doing business in the country. The U.S. has imposed tariffs on billions of dollars in Chinese imports, driving up costs for businesses, and the two countries recently established a framework for a "phase one" deal.

"China’s intellectual property theft is real, damaging, and ending thanks to President Trump’s strong trade actions and his OSTP Director’s focus on ending abuses in our open society’s education and research system," an administration official told FOX Business.

The tentative U.S.-China deal, which has not yet been signed, is said to include China making concessions on intellectual property, financial services and agriculture. In return, the U.S. agreed not to implement new tariffs on Chinese goods on Oct. 15. It is not yet clear if the U.S. will go through with its next round of tariffs scheduled for Dec. 15.

The two sides are working to complete a written draft for Presidents Trump and Xi Jinping to sign when they are in Chile next month for the Asia-Pacific Economic Cooperation summit.

Trump has said a comprehensive trade deal will have two or three phases.

China gives on key US trade-war demand
 
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