No more fake luxury goods, thanks to US-China trade deal
Peter Navarro says American brands should rejoice Trump is protecting its intellectual property
While there are many provisions and victories accomplished from the U.S.-China trade deal, White House trade adviser Peter Navarro mentioned another aspect that is being overlooked.
"China is the world's largest counterfeiter of goods," Navarro told FOX Business' Maria Bartiromo. "They inundate this country with counterfeits."
"We're going to crack down, and that's good news for intellectual property rights holders."
PETER NAVARRO: IF CHINA DOESN'T ABUDE, US CAN 'TAKE PROPORTIONATE MEASURES'
Navarro said he's worked with U.S. Customs and Border Protection to monitor packages from China. In the last year, about half, Navarro said, were found to contain contraband.
The contraband found includes "fake sneakers, Rolex watches" and even prescription drugs like fentanyl.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Navarro said CBP will continue to run these raids on a month-to-month basis to see if the trade agreement lowers the amount of contraband flowing into America, Navarro said.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| PFE | PFIZER INC. | 25.76 | -0.41 | -1.55% |
| LVMHF | LVMH MOËT HENNESSY LOUIS VUITTON SE | 621.75 | -3.89 | -0.62% |
"If not, we're going to crack down, and that's good news for intellectual property rights holders," Navarro said on "Maria Bartiromo's Wall Street." "Whether it's a Pfizer or Genentech selling prescription drugs or whether it's Louis Vuitton, Michael Kors, this is great news for American companies on the stock exchanges who have been getting ripped off through intellectual property theft."
LOUIS VUITTON SNAGS WORLD'S SECOND-LARGEST ROUGH DIAMOND
The trade adviser said one of the provisions in the trade deal calls out some e-commerce platforms that have allowed and sold counterfeits.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AMZN | AMAZON.COM INC. | 207.86 | +6.41 | +3.18% |
| BABA | ALIBABA GROUP HOLDING LTD. | 85.17 | -0.38 | -0.44% |
| JD | JD.COM INC. | 35.33 | +0.82 | +2.38% |
| SHOP | SHOPIFY INC. | 112.08 | +1.05 | +0.95% |
"It's like Amazon, Alibaba, JD.com, Shopify, these companies are the great enablers of Chinese counterfeiting," Navarro said. "So, they're going to be called to account as well if we're going to solve this problem."
"China is the world's largest counterfeiter of goods."
Navarro estimates the counterfeit industry averages anywhere from $300 billion to $500 billion a year.
CLICK HERE TO READ MORE ON FOX BUSINESS