“China has not only just harmed America, they have harmed the world with everything they have stolen.” House Minority Leader McCarthy says the signing of the phase one deal makes the U.S. stronger when it comes to combatting intellectual property theft.
hoping to do business in China. Specifically, the pact is said to address concerns of U.S. executives who have long complained that they are routinely pressured, if not outright forced, to share key technologies in exchange for market access.
Though Beijing denies it forces foreign companies to surrender proprietary technologies, American companies say they're often compelled to share business secrets through backdoor tactics like joint ventures. Such practices, combined with Beijing's policy of subsidizing domestic business, can build competitive rivals to American companies seemingly overnight.
One of the thorniest issues between the U.S. and China over the last two years, accusations of forced technology transfers and intellectual property theft, should be remedied in the first phase deal, Mnuchin said. "It's not a question of admission, it a question of what they're going to do," the Treasury secretary said. "And China has agreed to put together very significant laws to change rules and regulations and have made very strong commitments to our companies that there will not be forced technology going forward."
Other areas of concern expected to be tackled in the deal include the misuse of pharmaceutical-related intellectual property and access for U.S. financial companies to Chinese markets. Those qualms helped drive
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