WASHINGTON: US President Donald Trump will call on Monday for his chief trade adviser to investigate China’s intellectual property practices, website Politico reported, citing an unnamed administration official.
Trump had been expected to order a so-called Section 301 investigation under the 1974 Trade Act earlier this month, but action had been postponed as the White House pressed for China’s cooperation in reining in North Korea’s nuclear program.
Politico said it was not clear how much detail Trump would provide in his announcement, but that administration officials expected US Trade Representative Robert Lighthizer to open a Section 301 probe.
Officials at the White House and US Trade Representative’s office were not immediately available for comment.
Trump has suggested he would go easier on China if it were more forceful in getting North Korea to rein in its nuclear weapons program.
While China joined in a unanimous UN Security Council decision to tighten economic sanctions on Pyongyang over its long-range missile tests, it is not clear whether Trump thinks Beijing is doing enough.
“We lose hundreds of billions of dollars a year on trade with China. They know how I feel,” he told reporters on Thursday. “If China helps us, I feel a lot different toward trade.”
Trump and Chinese President Xi Jinping spoke by phone on Friday night. They reiterated their mutual commitment to denuclearize the Korean peninsula, the White House said in a statement.
“President Trump and President Xi agreed North Korea must stop its provocative and escalatory behavior,” the statement said.
The White House said the “relationship between the two presidents is an extremely close one, and will hopefully lead to a peaceful resolution of the North Korea problem.”
Trump will make a day trip to Washington, D.C., on Monday, briefly interrupting his 17-day August working vacation, a White House official said on Friday.
Politico said the investigation would not mean immediate sanctions, but could ultimately lead to steep tariffs on Chinese goods.
In addition to the US, the EU, Japan, Germany and Canada have all expressed concern about China’s behavior on intellectual property theft. The technology sector has been especially hard hit in IP disputes.
Trump’s threat to investigate China’s intellectual property and trade practices is valid, but his administration may not be up to the delicate task of carrying out a new China probe without sparking a damaging trade war, US business lobbyists said last week.
Trump said to call for China intellectual property trade probe on Monday
Trump said to call for China intellectual property trade probe on Monday
Closing Bell: Saudi main market closes the week in red at 10,526
RIYADH: Saudi equities ended Thursday’s session modestly lower, with the Tadawul All Share Index slipping 14.63 points, or 0.14 percent, to close at 10,526.09.
The MSCI Tadawul 30 Index also declined 3.66 points, or 0.26 percent, to 1,389.66. In contrast, the parallel market outperformed, as Nomu jumped 237.72 points, or 1.02 percent, to close at 23,430.93.
Market breadth on the main market remained tilted to the downside, with 156 stocks ending lower against 99 gainers.
Trading activity eased further, with volumes reaching 80.46 million shares and total traded value amounting to SR1.66 billion ($442 million).
On the movers’ board, Saudi Industrial Export Co. led the gainers, rising 6.6 percent to SR2.10, followed by Consolidated Grunenfelder Saady Holding Co., which advanced 6.43 percent to SR9.60.
Raoom Trading Co. climbed 4.36 percent to SR61.05, while Astra Industrial Group gained 4.35 percent to close at SR139. Riyadh Cables Group Co. added 3.77 percent to end the session at SR135.00.
On the downside, Methanol Chemicals Co. topped the losers’ list, falling 5.96 percent to SR7.41.
Flynas Co. retreated 5.43 percent to SR61.00, while Leejam Sports Co. dropped 5 percent to close at SR100.80.
Alramz Real Estate Co. slipped 4.64 percent to SR55.50, and Almasane Alkobra Mining Co. declined 4.55 percent to SR84.00.
On the announcement front, ACWA Power said it has completed the financial close for the Ras Mohaisen First Water Desalination Co., a reverse osmosis desalination project with a capacity of up to 300,000 cubic meters per day, alongside associated potable water storage facilities totaling 600,000 cubic meters in Saudi Arabia’s Western Province.
The project was financed through a consortium of local and international banks, with total funding of SR2.07 billion and a tenor of up to 29.5 years, while ACWA Power holds an effective 45 percent equity stake.
Shares of ACWA Power ended the session at SR185.90, up SR0.2, or 0.11 percent.
Meanwhile, Consolidated Grunenfelder Saady Holding Co. announced the sign-off of a customized solutions project with Saudi Aramco Nabors Drilling Co., valued at SR166.0 million excluding VAT.
The 24-month contract covers the sale and maintenance of field camp facilities, with the financial impact expected to begin from the first quarter of 2026.
