China says its IP practices are not a 'major' problem; U.S. demands a 'reckoning'

China on Wednesday defended its intellectual property practices at the World Trade Organization, saying they were not a “major problem” for foreign businesses, but the U.S. said Beijing’s “mercantilist” policies demanded a “reckoning” to ensure the WTO remained relevant. The exchange in Geneva took place in the context of the WTO’s biennial review of China’s trade policies. The review came hours after the Trump administration announced it would impose tariffs on $200 billion worth of Chinese goods this fall, on...