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Patent wars between U.S. & China

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    WSJ Editorial Board Member Mary Kissel on why playing politics with the trade hurts the US economy

  • Duration 6:01
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Hey we're joined right now by Mary -- so the wall street journal editorial board member.

An expert on China I believe -- And if you've been paying attention and we know you have to the news lately you know there's a lot of talk going on US -- -- China and everybody has something to say both Mitt Romney and President Obama.

China US China can.

What is the real issue here is hit the trade war that patent disputes this -- possibility of sanctions.

Is -- is WTO.

Suit that Obama just put down on time on Monday -- what is cool person and everything laureate.

That this kind of trade protectionist talk that both sides of the campaign are engaging in is extremely damaging.

On Monday as you know the president's announced new WTO case against China.

It's really pollute us in this case there are -- auto industry and yet the irony here is huge so we're accusing China of subsidizing its auto its auto parts industry.

He went to the Obama administration bailed out GM and where underwater and our investor and is refusing to sell off -- -- even -- GM wants the government to unload its so.

There's a lot of it will I don't really -- I don't interrupt you share isn't GM -- time like the largest market from GM's part of course it is of course it is in this is.

-- -- -- is totally misunderstanding the benefits of trade.

We're not competitors with China we are partners with China China is a processing economy we -- parts -- their -- ships parts to China Taiwan -- the same -- the Chinese put it all together and they should get back to us from an American consumers benefit from that from lower prices.

And it's it's very interesting the timing of all this -- on Monday.

When all this came down -- for President Obama was told I hope he was it.

China he's a huge market top three market for Ohio for their manufacturing.

Yeah that's that's -- deal for Pennsylvania ditto for Virginia in increasingly look at a.

New York Times ran a front page story today that basically argued it pretty convincing manner.

That the administration sent the US trade representative -- out to look for things that they could news.

To lodge complaints against China now I would argue that US TR -- better served.

Figuring out how to open new markets for US trade -- -- -- new free trade deals and -- Salvador Couric doesn't any single free trade deal -- under this administration.

In the three deals that the Bush Administration did push for those that break -- Columbia South Korea OPEC it took years to be put forth because you bond administration wanted to renegotiate them.

So you know.

If you think -- US TR us time better spent watching these tit for -- cases -- -- -- better -- talking to partners -- say Japan.

What we're trying to do the trans Pacific partnership -- and getting them involved the world's third largest economy -- -- up new markets for US goods.

So then what do you say to the fact that last year China -- the world's leading patent application filings I think the patents.

-- Discussion is very misguided.

More patents doesn't necessarily mean better quality patents that's a big debate that's going on here in the United States with our patent office.

But -- -- -- all of these new patents of China's putting out there are very high quality patents are very innovative that's a good thing.

We want China to innovate more because -- warned that China innovate its.

The more reason they will have to protect their innovations.

It in there intellectual property rights ultimately you want China.

To have the same incentives from his US innovators have one -- protect IP because why are they stealing -- because they don't have IP of their own.

So this isn't very very strange voice -- isn't very strange.

Debate in the media here in humans -- Right and why just keep thinking about why I can't help it everything going on.

Well in the towel right in the Smartphone warrants aren't he's Smart for for -- -- patent wars.

Potentially damaging yes but do we want to protect intellectual property rights in the courts.

Yes we do so some of these disputes are going to force.

Companies that may have taken apples or other company's patents and force them to innovate around it.

And that again is ultimately good thing for consumers OK now what do you say to people who.

We say Romney wants the label China -- a currency manipulator.

At fat but could well first of all what is the point of labelling China a currency manipulation that the path -- -- Obama -- he wanted to do he wants them to appreciate their currency -- current exchange rates are just.

Two sides of the same -- what he's really saying is.

I want you appreciate so weakened to value the US currency.

That's a little intellectually -- What Romney is also that he wants a strong and sound and stable dollar so those two policies are a little bit and conflict.

But what is labeling it currency -- China currency manipulator deal.

It it says China -- up consultations.

-- have friction that sick if he wanted to impose duties on China for so called manipulation which by the way the Fed those two months.

Well when is that going to achieve that's not compliant with the WTO we get a yet another dispute with China you risk a trade war.

I don't think that's -- good idea.

As we wrap it up here there -- sum -- positive examples.

Bomb when you have -- complaints opening markets think you can give us some of those trade and believe it affects -- credit card industry fresh.

-- this past summer -- the WTO the US -- -- case against China has allowed Visa Mastercard more access into the Chinese market.

This is on WTO is supposed to work not it should be it trade should be -- politicized.

Would gain it should be something that we have disputes we resolve them back through the -- -- a need to -- a lot of topics that -- -- -- -- let's take just a trip to Beijing okay.

OK thank everybody.

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