President Donald Trump is crafting a way to combat intellectual property theft by China and protect U.S. shows such as HBO’s “Game of Thrones” from being pirated online.
The HBO hit series has taken the crown as the most pirated TV show on the internet for the sixth year in a row. According to the Motion Picture Association of America, 90% of the viewership of U.S. movies in China is illegal.
“Everybody is in agreement, both parties, the EU, that something has to be done about this piracy from China,” Horizon Investments Chief Global Strategist Greg Valliere told FOX Business’ Liz Claman.
The National Bureau of Asian Research puts the cost of Chinese intellectual property theft to the U.S. economy as high as $600 billion annually.
One entertainment industry insider says Chinese theft of U.S. entertainment properties must be stopped.
“This is a big ongoing problem and issue for Hollywood. We do the money, we do creativity and they rip us off and Trump should go after them on this one,” Fox News’ “In the Foxlight” host Michael Tammero said.
White House Director of Trade and Manufacturing Policy Peter Navarro on Wednesday said U.S. businesses have been “abused” by China and forced to give up their technology in order to enter the Asian market.
“We are going to move forward with some recommendations for the president. And I tell you what, there’s nobody who is going to oppose that in this country,” he told FOX Business’ Lou Dobbs.
Valliere said he expects the Trump administration to “hit them hard” with anti-China tariffs on imports that include Chinese investments and visas for students who want to study in the U.S.
“I don’t think Trump can be dissuaded. I don’t think Congress can stop him and the interesting angle is that a lot of Democrats would go along with this as well.”