“We will no longer tolerate the audacious theft of intellectual property,” President Trump said Friday at the Asia-Pacific Economic Cooperation summit in Vietnam. “We will confront the destructive practices of forcing businesses to surrender their technology to the state and forcing them into joint ventures in exchange for market access.” He was referring to big challenges that American businesses face in China.

Finally, he added a more universal problem, also present in China: “We will address the massive subsidizing of industries through colossal state-owned enterprises that put private competitors out of business.”