By Heather Somerville SAN FRANCISCO (Reuters) - New Trump administration policies aimed at curbing China's access to American innovation have all but halted Chinese investment in U.S. technology startups, as both investors and startup founders abandon deals amid scrutiny from Washington. Chinese venture funding in U.S. startups crested to a record $3 billion last year, according to New York economic research firm Rhodium Group, spurred by a rush of investors and tech companies scrambling to complete deals before a new regulatory regime was approved in August. Since then, Chinese venture funding in U.S. startups has slowed to a trickle, Reuters interviews with more than 35 industry players show. U.S. President Donald Trump signed new legislation expanding the government's ability to block foreign investment in U.S. companies, regardless of the investor's country of origin. But Trump has been particularly vocal about stopping China from getting its hands on strategic U.S. technologies. … [Read more...] about Chinese tech investors flee Silicon Valley as Trump tightens scrutiny
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Amazon Leads Masters of Universe in Push to Nationalize Music Industry
Amazon is at the forefront of a well-funded, powerful, Silicon Valley-led push to force the federal government to nationalize the music industry, thereby creating a system where the government props up certain companies — such as Amazon — to be beneficiaries of and have control over, while also profiting from, music production. The so-called “Music Modernization Act,” which already passed the House and is working its way through the Senate right now, would create, by government force if passed and signed into law, a “collective” that pays out to various parties. The major problem with said “collective” is that it would be run by the government, specifically the U.S. Copyright Office, making it prone to cronyism, corruption, and mishandling of intellectual property.“The so-called ‘middle-ground’ Music Modernization Act will destroy the private sectors’ progress by creating a federal mechanical license … [Read more...] about Amazon Leads Masters of Universe in Push to Nationalize Music Industry
China hits back with tariffs on cars, farm products
Detroit News staff and wire reports Published 12:12 p.m. UTC Jun 16, 2018 Washington — The United States and China moved to the brink of a trade war Friday when Beijing said it would hit back with 25 percent tariffs on American goods including cars and farm products. The threat of retaliation came after President Donald Trump said earlier in the day that a 25 percent duty on up to $50 billion in Chinese imports would take effect July 6. In announcing the U.S. tariffs, Trump said he was fulfilling a campaign pledge to crack down on what he contends are China’s unfair trade practices and its efforts to undermine U.S. technology and intellectual property. “We have the great brain power in Silicon Valley, and China and others steal those secrets,” Trump said on “Fox & Friends.” “We’re going to protect those secrets. Those are crown jewels for this country.” The prospect of a U.S.-China trade war weighed on financial markets … [Read more...] about China hits back with tariffs on cars, farm products
US tariffs on Chinese imports escalate trade dispute
News / UK and world by Press Association June 15, 2018, 4:24 pm FacebookTwitterLinkedInWhatsAppEmail Sign up to our Daily newsletter The Trump administration has announced a 25% tariff on up to 50 billion dollars worth of Chinese imports, instantly escalating a trade dispute between the world’s two largest economies. China’s government responded quickly by announcing it will immediately impose penalties of “equal strength” on US products. The Commerce Ministry said it is also scrapping deals to buy more American farm goods and other exports as part of efforts to defuse a sprawling dispute over its trade surplus and technology policy. A ministry statement gave no details, but a 50 billion dollar list of possible targets announced in April included soybeans, light aircraft, orange juice, whiskey and beef. Much of the impact would fall on Mr Trump’s rural supporters. “The Chinese side doesn’t want to fight a trade war, but … [Read more...] about US tariffs on Chinese imports escalate trade dispute
US announces tariffs on $50B in China imports
Associated Press Updated 4:15 p.m. UTC Jun 15, 2018 Washington – Vowing to cut U.S. trade deficits and protect the nation’s high-tech “crown jewels,” President Donald Trump said Friday he’s levying a 25 percent tariff on up to $50 billion worth of Chinese imports, instantly escalating a trade dispute between the world’s two largest economies. China’s government quickly responded that it would “fight back strongly” with penalties of the same scale on American goods. Trump said he was fulfilling a campaign pledge to crack down on what he contends are China’s unfair trade practices and efforts to undermine U.S. technology and intellectual property. During an impromptu appearance on the White House North Lawn, the president hailed his “very big tariffs” on China. “You know we have the great brain power in Silicon Valley, and China and others steal those secrets. And we’re going to protect those … [Read more...] about US announces tariffs on $50B in China imports