From Press Release
U.S. Rep. Steve King (R-IA 4) released the following statement after introducing H.R. 2701, legislation that punishes the People’s Republic of China for its failure to protect the holders of United States intellectual property rights:
“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,” said King. “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.
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. 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 bill would allow for better protection of IP which would encourage significantly more research and development investment and economic growth. My bill helps the U.S. economy, creates more jobs and protects the work products of hard working Americans.”
To view the bill text, click here.
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