King Re-Introduces Bill to Protect Holders of US Intellectual Property Rights from China
Washington, D.C. – Congressman Steve King released the following statement after re-introducing legislation that punishes the People's Republic of China for its failure to protect the holders of United States intellectual property rights.
“The creative genius of Americans, protected by our copyrights, trademarks and patents, is systematically being pirated by the Chinese whose government appears to be complicit,” said King. “My bill directs the President to impose duties on merchandise from China in an amount equivalent to the estimated annual loss of revenue to holders of U.S. intellectual property rights as a result of violations of such intellectual property rights in China. The revenue raised by the imposition of duties on Chinese merchandise will be proportionally distributed to provide compensation to holders of United States intellectual property rights.
China is responsible for an estimated 50-80% of international IP theft with an estimated annual loss of over $300 billion to the U.S. economy alone. My message to China, the leading pirates of U.S. intellectual property, is pay us now, or pay us later. My bill would allow for better protection of IP which would encourage significantly more research, development investment and economic growth, creating more jobs and protecting the work products of hard working Americans.”
To view the original text of the bill, click here.