American companies "should not be forced or coerced to turn over the fruits of their labour", the official said, adding that the cost of intellectual theft on United States economy is estimated to be as high as United States dollars 600 billion a year.
The U.S. House of Representatives should return from its summer recess to discuss legislation banning a pre-emptive nuclear strike on North Korea without congressional authorization, a Democratic lawmaker said Friday. The investigation is being ordered under US Trade Act of 1974, which officials said permits the USTR to investigate acts, policies or practices of a foreign country to determine whether they are indeed unreasonable or discriminatory that burden or otherwise restrict US commerce. Trump's comments, however, do not appear to be backed by significant military mobilization on either side of the Pacific, and an important, quiet diplomatic channel remains open.
The phone call with the French President came hours after Trump spoke with Chinese President Xi Jinping. Xi, in his phone conversation with Trump, urged calm.
US President Donald Trump, left, and Chinese President Xi Jinping at the G20 summit in Hamburg last month.
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An administration official, however, insisted diplomacy over North Korea and the potential trade probe were "totally unrelated", saying the trade action was not a pressure tactic.
"The Chinese leader expressed Beijing's willingness to maintain communication with the U.S. to appropriately resolve the Korean Peninsula nuclear issue", the network reported.
Since the World Trade Organization (WTO) was established in 1995, the US 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.
When asked about the delay, the dministration officials did not address the question directly.
Dow slips 100 points as tensions with N.Korea escalate (KSS, M)
Large retailers Macy's and Kohl's tumbled on Thursday after they reported another quarter of shrinking sales. The Canadian dollar was trading at an average price of 78.67 cents United States , down 0.04 of a USA cent.
"If Americans continue to have their best technology and intellectual property stolen, or forcibly transferred offshore, the United States will find it hard to maintain its current technology-leadership position and to remain one of the world's most innovative economies".
"We will no longer allow this to continue". "This is why the President has chosen to act now and to act boldly", one administration official said.
A 2013 report by a commission co-chaired by Jon Huntsman, ambassador to China under President Barack Obama and Trump's nominee to be Russian envoy, pegged the losses from USA intellectual property theft at hundreds of billions of dollars annually that cost the United States economy millions of jobs. But they may not know that China is forcing and coercing American companies that operate in China to turn over their technology.
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Amid broad based weakness on Wall Street, biotechnology stocks turned in some of the market's worst performances on the day. The major averages all closed in positive territory, although the tech-heavy Nasdaq outperformed its counterparts.