US President threatens China with retaliation
Companies that want to produce in China have to supply know-how. US President Trump calls it theft of intellectual property and announces claims for damages - at unprecedented heights.
US President Donald Trump has threatened China with "fines" for alleged theft of intellectual property. In an interview with Reuters news agency, Trump said on Wednesday that the punishment being considered could be high, but did not mention a specific amount. "We're talking about high damages, we're talking about numbers you have not even thought about."
Trump's threat has been the clearest indication so far that the US government wants to impose economic retaliation against China. Trump and his economic policy advisor Gary Cohn said in the interview that China has forced US companies to transfer their intellectual property to China if they want to operate there. The US has already initiated investigations. He will say more in his State of the Union address at January 30 what that exactly means concerning China, Trump announced.
The president did not elaborate what he meant by a "fine" against China. A 1974 law, which also serves as the basis for the investigation into China, allows retaliatory tariffs on Chinese products or other trade sanctions as long as China does not change its course of action.
The US wants to keep good relations with China, Trump reiterated. However, the People's Republic should also treat the US fair. Asked about a potential trade war caused by steps taken by the US in response to Chinese cheap exports of steel, aluminum or solar power, Trump said, "I do not think so, I hope not. But if it does, so it is."
Source: Reuters
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