Mary-Louise Hoffman
General Dynamics Chairman and CEO Phebe Novakovic has said the company backs President Donald Trump’s latest action that seeks to protect U.S. industrial base from theft of intellectual property.
The White House signed a memo last week directing the U.S. Trade Representative to examine if the federal government should investigate Chinese trade practices that may threaten IP rights, technological development efforts and innovation of companies in the U.S.
“This commitment from the administration comes at a critical juncture,” said Novakovic, an inductee into Executive Mosaic‘s Wash100 for 2017.
She pointed to an increasing threat to intellectual property in the defense and commercial aerospace sectors.
The Commission on the Theft of American Intellectual Property estimated the financial impact of IP theft on U.S. economy could reach $600 billion each year and that China accounts for 50 percent to 80 percent of all IP infringements that affect U.S. companies and workers, according to the White House.
