China defends its IP practices; U.S. demands a 'reckoning'

摘要

China on Wednesday defended its intellectual property practices at the World Trade Organization, saying they were not a "major problem" for foreign businesses, but the U.S. said Beijing's "mercantilist" policies demanded a "reckoning" to ensure the WTO remained relevant. The exchange in Geneva took place in the context of the WTO's biennial review of China's trade policies. The review came hours after the Trump administration announced it would impose tariffs on $200 billion worth of Chinese goods this fall, on top of the tariffs on $34 billion worth of Chinese goods imposed last week and the tariffs on $ 16 billion of Chinese goods the administration has promised to enact soon. China has already retaliated by imposing tariffs on $34 billion worth of U.S. goods and has promised to continue to retaliate with equivalent tariffs.