Trump: China Engaged in ‘Currency Manipulation, Product Dumping ... Theft of Intellectual Property’

EXCERPT:

TRUMP: “In 2001, China was admitted to the World Trade Organization. Our leaders then argued that this decision would compel China to liberalize its economy and strengthen protections to provide things that were unacceptable to us and for private property and for the rule of law. Two decades later, this theory has been tested and proven completely wrong. Not only has China declined to adopt promised reforms, it has embraced an economic model dependent on massive market barriers, heavy state subsidies, currency manipulation, product dumping, forced technology transfers, and the theft of intellectual property, and also trade secrets on a grand scale. As just one example, I recently met the CEO of a terrific American company, Micron Technology, at the White House. Micron produces memory chips used in countless electronics. To advance the Chinese government’s five-year economic plan, a company owned by the Chinese state allegedly stole Micron’s designs valued at up to $8.7 billion. Soon the Chinese companies obtains patents for nearly an identical product and Micron was banned from selling its own goods in China.”