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No one is quite sure why the u.s./china drad trade deal has for now at least collapsed. before trump's latest tariff hikes on may 10th, the two sides were reportedly close a deal. but a major sticking point was intellectual property. i.p. is one of trump's top concerns. he fumes that chinese counterfeiting and other forms of intellectual property theft cost the u.s. $300 billion a year. now i.p. theft is as old as capitalism itself. for instance, in the mid-1800s, an undercover scottish monopolist stole trade secrets on behalf of the british company. today it is china that is stealing i.p. fro...

U.s.-china trade deal has for now at least collapsed. before trump's latest tariff hikes on may 10th, the two sides were reportedly close a deal. but a major sticking point was intellectual property. i.p. is one of trump's top concerns. he fumes that chinese counterfeiting and other forms of intellectual property theft cost the u.s. $300 billion a year. now i.p. theft is as old as capitalism itself. for instance, in the mid 1800ss an undercover scottish monopolist stole trade secrets on behalf of the british company. today it is china that is steeling i.p. from the -- stealing i.p. from the we...

Of technology. bottom line is china wants to be number one in all the industries that america wants to be number one in. robotics, automation, a.i., machine learning. all these things are the growth stories of tomorrow and beijing steals some of these trade secrets from the united states and then goes on to create companies and hopefully in their race for them become number one in these industries. the president has been the first president to push back on this. this is not going away any time soon in my view. we'll have a fight with china on all these things. they won't even admit they're ste...

You had chuck grassley and paul ryan speak. >> i'm very, very nervous about it. my constituents are very, very nervous about it. it doesn't just affect the 5% of the people in iowa that operate farms. it ripples through the economy. >> it's important to point out that china does deal in intellectual property and engage in unfair trade practices that violate the spirit of the trade agreement. i don't think that tariffs are right to do it. >> all of this is to stop china from stealing i.p. we're seeing an effect on the markets what else are we supposed to do as a country? maybe work with allies....

>> yeah. you're overall relationship because you're so good at movies and other things that you do in terms of banking services, legal services, insurance services. huge companies doing business in the european financial sector. you're doing okay on that side of the account. i think in terms of broader trade strategy, what i'd try to do if i was him is link with the europeans in challenging the unfair global strategies rather than defining the west. so i think it would be good to bring -- circle the wagons in a different direction. >> on the one hand, we're talking about trade and we want it t...