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Susan Walsh / AP

In a new report obtained by Axios, the Chamber of Commerce spotlights one of the Trump Administration's under-the-radar challenges: how to protect America's ideas.

Why it matters: Today's report provides fuel for the business community to get the President focused on IP enforcement as part of his "America First" agenda. Stolen intellectual property costs the U.S. at least quarter of a trillion dollars in revenue every year. In his speeches Trump complains about other countries "ripping off" America. But while he understands the IP challenge from his business career, he's not thrust it into politics. Yet.

Headlines:

  • Slipping in IP protection: Over five years, America slipped from 2nd to fifth on enforcement. Beating us are the U.K., Sweden, France, Germany.
  • Key weakness for the U.S: "Inconsistent enforcement against counterfeit and pirated goods, especially goods sold online."
  • China: World leader in production of counterfeit goods, but its IP system overall is middle-road. Ranks 27th out of 45 world economies graded in the report.
  • India: Worse than you might think. Ranked 43rd out of 45. Problems include software patentability, life sciences patents, copyright protection and enforcement, and trade secrets protection. "The country's own Bollywood industry…[is] estimated to lose almost $3 billion to piracy each year."

What can be done:

The report pinpoints key areas the Trade Facilitation and Trade Enforcement Act of 2016 should be applied "to identify and speedily address potential counterfeits." The business community is calling for increased enforcement resources at U.S. ports to address the volume of small parcels flooding in and to close gaps between authorities and rights holders as they work together to crack down on IP theft.

Go deeper

Biden explains justification for Syria strike in letter to Congress

Photo: Chris Kleponis/CNP/Bloomberg via Getty Images

President Biden told congressional leadership in a letter Saturday that this week's airstrike against facilities in Syria linked to Iranian-backed militia groups was consistent with the U.S. right to self-defense.

Why it matters: Some Democrats, including Sens. Tim Kaine (D-Va.) and Chris Murphy (D-Conn.) and Rep. Ro Khanna (D-Calif.), have criticized the Biden administration for the strike and demanded a briefing.

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FDA authorizes Johnson & Johnson's one-shot COVID-19 vaccine for emergency use

Photo: Illustration by Pavlo Gonchar/SOPA Images/LightRocket via Getty Images

The Food and Drug Administration on Saturday issued an emergency use authorization for Johnson & Johnson's one-shot coronavirus vaccine.

Why it matters: The authorization of a third coronavirus vaccine in the U.S. will help speed up the vaccine rollout across the country, especially since the J&J shot only requires one dose as opposed to Moderna and Pfizer-BioNTech's two-shot vaccines.

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Illustration: Annelise Capossela/Axios