Estimated read time: Less than a minute
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
WASHINGTON (AP) — A private watchdog says counterfeit goods, software piracy and the theft of trade secrets cost the American economy up to $600 billion a year.
In a report out Monday, the Commission on the Theft of American Intellectual Property says the annual losses range from about $225 billion to $600 billion. The theft of trade secrets alone costs the United States between $180 billion and $540 billion annually.
The findings echo those of the Office of the Director of National Intelligence, which in 2015 pegged the annual cost of economic espionage by computer hacking at $400 billion.
The commission labels China the world's No. 1 culprit. Including Hong Kong, China accounts for 87 percent of counterfeit goods seized entering the United States. The report says China's government encourages intellectual property theft.
Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
