Kamil Idris Comments on the State of Intellectual Property
Kamil Idris is a Sudanese International Servant who possesses vast knowledge on the trending issues in business. Moreover, he publishes articles that relate to Intellectual Properties. Additionally, he served as the Director-General of the World’s Intellectual Property between 1997-2008. In this article, Kamil Idris offers his insight regarding the announcement of the new trade tariffs against China by the US President Donald Trump.
The announcement of the trade tariffs against China by the United States government
The US President Donald Trump recently released a press statement that indicated the new trade tariffs against China. The announcement was as a result of the continued illegal acquisition of US technology by China. Trump alleged that the Chinese government had violated the Intellectual Property Act.
Over the previous year, the US government has incurred a cost of $225 million and $600 billion due to intellectual property theft by China. The announcement indicated that sections of imports from China would be imposed trade tariffs amounting to $50 billion. The tariffs will serve as punishment of the Intellectual Property theft.
China is alleged to steal the intellectual property of their leading competitors. As a result, many countries and investors have chosen to avoid trade between the Chinese government and Chinese firms. It appears that president Trump wasn’t satisfied with the measures taken by the World Intellectual Property Organization regarding intellectual theft.
Many legislators, economists, business leaders, European Union, and the Republicans have reacted unfavorably on the announcement. The talks regarding measures by China and the European Union are still ongoing. These could result in more stagnant economic growth and inferior performance of the stock markets. Economists suggest that Trump may have initiated a global trade war.
In his twitter handle, US President Donald Trump stated that the declaration of a trade war is easy to win. However, he stated that the impose on the tariffs were unlikely to cause trade war three days after his tweet.
Donald Trump is exercising his power in section 301 which confers him the ability to authorize trade sanctions. He is employing this tool to protect the Intellectual Property of the American citizens.