Donald Trump Announces New Trade Tariffs Against China
What are Intellectual Properties
With regards to the definition provided by the World Intellectual Property Organization, Intellectual Property (IP) is something created by the mind. IP includes innovations, music, brands, logos, brand names, and company names. Trademarks, patents, and copyrights protect intellectual Properties. The World Intellectual Property Organization is under the United Nations and establishes laws that govern Intellectual property. With the advancement of technology and introduction of the internet, there are many innovations released. Thus, the WIPO has developed measures to protect such changes. In fact, there is a WIPO court based in Germany that deals with matters relating to Intellectual Property.
US-China Trade Policy
Recently, the US President, Donald Trump, released a statement that indicated new trade tariffs against China. The United States government imposed those tariffs due to theft tendency of China against the US Intellectual Property. China has unfairly acquired technology from the United States. According to the 2017 report released by the US representative, US has incurred a cost of $225 million and $600 billion as a result of IP theft by China.
As a result, the United States government imposed a section of imports from China worth $50 billion to serves as a penalty for theft. China allegedly violated the US Intellectual Property by stealing trade secrets, unfair acquisition of technology, and exerting business pressure.
China is said to engage in the violation of Intellectual Property, especially with their chief competitors. As a result, many countries have avoided transacting business with Chinese firms and government.
The announcement on Trade Tariffs is seen to fulfill the promise given by the United States President Donald Trump. However, he did not extend the tariffs to Canada and Mexico due to their peace agreement. President Trump felt that the measures taken by the United Nations regarding Intellectual properties were not adequate.
Since the announcement, envoys, European Union, Republicans, and Lawmakers have dissented to the sanctions. China is yet to submit a response regarding the report. Experts say that Trump has started a World Trade War.
Kamil Idris is a distinguished business writer who concentrates on the Issues regarding Intellectual Property. He served as the Director General of the World Intellectual Property Organization.