US today launched a challenge at the World Trade Organization (WTO) against China over intellectual property breaches.
A statement from the US Trade Representative’s office said, the United States is taking action at WTO to address China’s unfair technology practices that run counter to WTO rules.
US President Donald Trump on Thursday hit China with tariffs up to 60 billion Dollars of imports to retaliate against the theft of American intellectual property, ratcheting up trade tensions between the world’s two largest economies.
Mr. Trump also announced he was directing the US Trade Representative’s office to pursue dispute settlement in the WTO to confront China over its policies that result in unfair treatment for US companies and innovators trying to do business in China.
US Trade Representative’s office in a statement said these Chinese policies hurt innovators in the United States and worldwide by interfering with the ability of foreign technology holders to set market-based terms in licensing and other technology-related contracts.
China today warned the US that it was not afraid of a trade war as it threatened tariffs on 3 billion dollars worth of US goods in retaliation over the US measures.
The World Trade Organization is not only a forum for nations to negotiate trade deals, but it also acts as a court to resolve trade disputes.
