Published: Sun, August 13, 2017
Global News | By Stacy Ballard

Trump to call for China IT trade probe on Monday

Trump to call for China IT trade probe on Monday

Alleged intellectual property theft by China has been an issue of particular concern to Silicon Valley.

Trump, who is on a working vacation at his New Jersey golf club, said Friday that he planned to be in Washington on Monday "for a very important meeting'" and "we're going to have a pretty big press conference". "They know how I feel", he told reporters on Thursday.

The executive memo Trump is expected to sign on Monday will direct U.S. Trade Representative Robert Lighthizer to look into whether his office should open an investigation into China's trade policies and whether they abide by the U.S. Trade Act of 1974.

The White House says that Trump - in a phone call Friday to President Xi Jinping (shee jihn-peeng) - saluted Xi for China's United Nations vote to impose tougher sanctions on North Korea.

North Korea talk drags stocks lower; gold, yen rise
President Trump says North Korea has "disrespected our country greatly", adding his "fire & fury" warning "wasn't tough enough". Ten-year US yields dropped 4.3 basis points to 2.24 percent and German equivalents fell 3 bps to 0.43 percent, a six-week low.


The Chinese policies of an American company to enter into a join venture with a Chinese company to do business is "not fair", the official said. "Those activities haven't abated; they've accelerated as China seeks to become self-sufficient in new technologies and dominate world markets", he said.

President Donald Trump is seeking continued help from China's president in addressing the threat posed by North Korea's nuclear developments.

North Korea has lashed back at the US following President Donald Trump's latest warnings.

President Trump's pattern continues: "Tough talk on China, but weaker action than anyone could ever imagine", he said in a statement.

Wall St set to open lower as tensions with N.Korea mount
Eight of the 11 major S&P sectors were lower, with the consumer discretionary index's 0.59 percent fall leading the decliners. Benchmark US 10-year notes were last up rose 11/32 in price to yield 2.2423 per cent, from 2.282 per cent late on Tuesday.


Since the World Trade Organization (WTO) was established in 1995, the USA has not imposed any trade investigations or sanctions based on Section 301 because that kind of unilateral action violates WTO rules requiring trade disputes among its members to be addressed on the WTO platform. In April, he said he wouldn't label China a currency manipulator, in return for help in dealing with North Korea. He said it would be premature to speculate on actions that could eventually be taken against China, and added that the issue could be resolved through "negotiated agreement".

If Lighthizer decides to go ahead with an investigation, the U.S. would first consult with China and the investigation process could take as long as a year, officials said.

Trump has requested similar inquiries on trade, but the reports haven't been delivered on deadline.

Apple, which has a turnover of more than $30 billion a year in China, is now subject to several measures taken by Beijing that hinder its activities in the country. Commerce Secretary Wilbur Ross had hoped to finish the review by June, but parts of it remain in the final stages of interagency review.

N. Korea tensions rattle stock markets
Trader reaction to company earnings also contributed to the slide on Wall Street, which had been trading in record territory. Benchmark U.S. crude rose 23 cents to settle at $48.82 a barrel on the on the New York Mercantile Exchange.


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