Stock Groups

U.S. adds e-commerce sites operated by Tencent, Alibaba to ‘notorious markets’ list -Breaking

[ad_1]

© Reuters. FILE PHOTO – A logo for Alibaba Group was seen at the World Internet Conference in Wuzhen (Zhejiang Province, China), November 23rd 2020. REUTERS/Aly song/File Photo

Kanishka Singh

(Reuters) –E-commerce portals operated by China’s Tencent Holdings Ltd. (OTC) Alibaba (NYSE:) Group Holding Ltd was added to the U.S. Government’s “notorious market” list of companies that are accused of selling or facilitating the sale of counterfeit products, according to the U.S. Trade Rep’s office on Thursday.

It includes 35 physical and 42 online marketplaces that may be engaged in copyright piracy, or support it.

The USTR office released a statement saying that it had identified for the first times AliExpress as well as the WeChat online marketplace, which are significant China-based markets that could facilitate trademark counterfeiting.

China-based internet markets Baidu (NASDAQ : Wangpan, DHGate) Pinduoduo (NASDAQ) and Taobao will continue to be on the list. The USTR also stated that nine China-based physical markets are still included, “known for the production, distribution, or sale of counterfeit goods.”

This list highlights both online and offline markets believed to be involved in copyright piracy or trademark counterfeiting.

Separately, USTR’s office released Wednesday a report stating that the United States must pursue new strategies and improve its domestic trade tools in order to confront China’s non-market and state-led policies.

China and the United States are engaged in long-running trade disputes over technology, intellectual property and tariffs. China failed to honor some of its commitments in a “Phase 1” trade deal signed by Trump’s administration.

Disclaimer: Fusion MediaWe remind you that this site does not contain accurate or real-time data. CFDs are stocks, indexes or futures. The prices of Forex and CFDs are not supplied by the exchanges. They are instead provided by market makers. As such, prices could be incorrect and different from market prices. This means that prices are only indicative and are not suitable for trading. Fusion Media does not accept any liability for trade losses that you may incur due to the use of these data.

Fusion MediaFusion Media or any other person involved in the website will not be held responsible for any loss or damage resulting from reliance on this information, including charts, buy/sell signals, and data. You should be aware of all the potential risks and expenses associated with trading in the financial market. It is among the most dangerous investment types.

[ad_2]