WASHINGTON: The United States will no longer turn a blind eye to the theft of American jobs, wealth and the intellectual property, President Donald Trump said today.
Trump also proclaimed April 26 as the World Intellectual Property Day, 2018.
Trump said that intellectual property theft is estimated to cost the economy as much as USD 600 billion a year.
"Our country will no longer turn a blind eye to the theft of American jobs, wealth, and intellectual property through the unfair and unscrupulous economic practices of some foreign actors.
These practices are harmful not only to our Nation's businesses and workers but to our national security as well, Trump said.
"To protect our economic and national security, I have directed Federal agencies to aggressively respond to the theft of American intellectual property.
In combatting this intellectual property theft, and in enforcing fair and reciprocal trade policy, we will protect American jobs and promote global innovation," he said.
The United States continues to demand the protection of intellectual property rights abroad, he said adding that his Administration will also take steps to strengthen the patent system at home.