Reacting to a report they requested from the U.S. International Trade Commission on the impact of China’s alleged unfair policies on the American economy and jobs, the top members of the Senate Finance Committee, which has jurisdiction over international trade, today demanded an end to China’s violations of U.S. intellectual property rights.
Senate Finance Committee chairman Max Baucus (D., Mont.), ranking member Orrin Hatch (R., Utah) and senior committee member Chuck Grassley (R., Iowa), said jointly that China’s IPR violations cost the U.S. tens of billions of dollars in economic activity and millions of jobs.
“We cannot pretend that there aren’t real consequences to these violations when these numbers show that millions of American jobs are on the line,” Baucus said.
Hatch said American companies and workers “cannot afford to lose $48 billion to Chinese intellectual property piracy” each year and that he hopes “the report’s findings spur the Administration to deepen their efforts to meet this challenge.”
The ITC report said of the $48 billion China’s IPR infringements cost the U.S. economy in 2009, $26 billion came from the information and service sector and $18 billion came from the high tech and heavy manufacturing sector. The ITC report stated that if China complied with its international obligations to protect and enforce IPR, 2.1 million jobs could be created in the U.S.