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Trump to tell Davos he won't tolerate trade abuses, IP theft: Official

"The United States will no longer tolerate things like the theft of intellectual property or forced technology transfers of industrial subsidies, US official said

Reuters  |  DAVOS 

Donald Trump in Davos
Donald Trump in Davos

US will tell a top-level gathering of political leaders and chief executives on Friday that his administration will not tolerate intellectual property theft and trade abuses, senior officials said.

An official, briefing journalists at the in Davos, also sought to dispel any impression of disarray over the value of the dollar, saying there was no "daylight" between over the strength of the currency.

Trump said on Thursday he ultimately wants the dollar to be strong, lifting the greenback briefly and contradicting Mnuchin who depressed the dollar earlier when he said he was happy with its current level.

Mnuchin's comments supportive of a weaker dollar were seen by the markets as indicating a shift in U. S. policy and sent the greenback sharply lower, sparking concerns from European allies about a trade war.

"I don't think there's any daylight between the and Mnuchin," one of the administration officials told reporters in

"I think that there were some people who took some comments that the made where he was essentially reciting and explaining in descriptive manner a basic economic principle and took it to represent ... some sort of policy announcement or shift."

"When you go back and look at the transcript of what he said, it was quite clear that that was not the case."

Trump is due to give the main closing address at the forum in Davos, where outright and veiled criticism of his First agenda captured headlines ahead of the president's arrival on Thursday.

That agenda has included unilateral trade sanctions and threats of more action, particularly against

"The will no longer tolerate things like the theft of intellectual property or forced technology transfers of industrial subsidies ... and dumping, trade abuses," the told reporters in

Trump was due to give his speech at 1300 GMT.

Donald Trump in WEF in WEF (Photo: Reuters)

RULES OF THE ROAD

The official said Trump's stance on trade should be viewed less as a warning than an explanation of his commitment to the trading system and enforcing "rules of the road".

Trump is the first sitting U. S. to visit the annual summit since in 2000. He was greeted on arrival on Thursday by hundreds of curious delegates who snapped pictures as he entered the congress centre.

He made an immediate impression: apart from talking up the dollar, he threatened to withhold aid to Palestinians unless they pursued peace with

But the thrust of his visit has been to convince business leaders to step up investment in the

"A lot of people are coming back to the Weare seeing tremendous investment and today has been a very exciting day. Very great day and great for our country. Thankyou very much," Trump told reporters in on Thursday.

After meeting the prime ministers of Britain and on Thursday, Trump hosted a dinner with leaders of some of the world's largest firms, including Nestle, and Siemens, and

Trump, a and former reality TV star, had never been invited to before.

He basked in the praise of several executives, who applauded his tax cuts.

Two European executives told they were staying away from the dinner because they did not want to shake Trump's hand. One of them consulted with his wife and children before deciding to dine elsewhere.

Those who showed up were treated to a meal of grilled beef tenderloin with green pea puree or fried Swiss pike perch with purple carrot puree.

Trump gave each corporate an opportunity to describe their businesses briefly. Many mentioned the corporate tax cuts that Trump pushed through the late last year as an a positive sign of growth and investment, according to a reporter who was present.

His speech on Friday will follow a week of warnings by European leaders on the dangers of nationalism, isolationism and protectionism.

Without naming Trump, German evoked the build-up to the two world wars and openly questioned whether leaders had learned the lessons from those 20th century conflicts.

Before his trip to Davos, Trump imposed 30 percent tariffs on imported solar panels, among the first unilateral trade restrictions made by the administration as part of a broader protectionist agenda.

FIRST

Trump later told CNBC in an interview that he supported a strong dollar and expected the currency to rise.

"The dollar is going to get stronger and stronger and ultimately I want to see a strong dollar," he said, adding thatMnuchin's comments had been misinterpreted.

There is broad concern in European capitals that 2018 could be the year Trump's 'First' bark on trade turns into bite, as he considers punitive measures on and threatens to end the 90s-era North American Free Trade Agreement with and

Policymakers have been openly critical of his foreign policy but with the U. S. stock market soaring, corporate tax cuts adding companies' pockets and U. S. consumers spending again, some companies here are quietly applauding the U. S.

Trump used a TV appearance from to laud America'srelationship with Britain and sought to smooth over a recent bilateral spat caused by his retweeting of anti-Muslim video originally posted by a of a far-right group.

First Published: Fri, January 26 2018. 17:43 IST
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