Final hours! Save up to 50% OFF InvestingProCLAIM SALE

Trump signs executive order aimed at preventing sales of counterfeit goods from overseas

Published 2020-02-01, 01:09 a/m
© Reuters. U.S. President Donald Trump holds a campaign rally at Drake University in Des Moines
AMZN
-
WMT
-

WASHINGTON (Reuters) - President Donald Trump signed an executive order on Friday aimed at preventing counterfeit products from abroad from being sold to U.S. citizens who shop online using Amazon.com (NASDAQ:AMZN), Walmart (NYSE:WMT).com or other ecommerce websites, the White House said.

Presidential trade adviser Peter Navarro urged Amazon, Walmart and digital commerce sites to take steps to ensure that the goods they sell are safe and legal.

"If they don't, DHS will take steps to ensure they do," he told reporters, referring to the Department of Homeland Security.

Part of the policy was aimed at preventing narcotics, like fentanyl, from entering the United States at a time when the country is fighting widespread opioid addiction, the order said.

As part of the order, the president asked DHS to "consider appropriate measures" to ensure that companies that sell products from overseas do not ship knockoffs, which they have argued can damage the U.S. economy, cost American jobs, support criminal activity and potentially harm consumers.

The president also asked DHS to draw up rules to help identify companies that were suspended from importing into the United States, and sought to evade those suspensions.

Additionally, the order asks DHS to draw up rules to identify companies that have a high rate of contraband among their shipments. Those with high rates may face more onerous inspections, the order said.

"The trafficking of counterfeit and pirated goods is a scourge that causes significant harm to our workers, consumers, intellectual property owners, and economy," U.S. Trade Representative Robert Lighthizer said in a statement.

He said Trump had made intellectual property protection and enforcement against pirated and counterfeit goods a priority in America’s trade relationships, with intellectual property rights a key part of a new North American trade agreement and the first phase of a U.S.-China trade deal.

A Walmart spokesman said in a statement that the company takes reports of counterfeit goods very seriously and works proactively to prevent them.

"In the rare case that someone reports what they believe is a counterfeit item, we quickly block the item and then investigate promptly," the Walmart statement said. "Today, we only see this on a very small fraction of less than one percent of total items available for sale on Walmart.com.”

© Reuters. U.S. President Donald Trump holds a campaign rally at Drake University in Des Moines

Customs and Border Protection, an arm of DHS, seized 27,599 shipments with intellectual property rights violations in the fiscal year ended Sept. 30, 2019. If those products had been genuine, they would have had a combined retail value of over $1.5 billion, the agency said in its annual report on trade and travel.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.