Trump announces 25 percent tariff on Chinese technology
WASHINGTON: President Donald Trump on Friday announced that the United States will implement a 25 percent tariff on $50 billion of goods from China related to intellectual property and technology, and pledged to impose further levies if the Asian nation takes retaliatory measures.
Trump said the tariff list includes goods from China’s “Made in China 2025” strategic plan to dominate high-technology industries that will “drive future economic growth for China, but hurt economic growth for the United States and many other countries.”
Trump, whose hardline stance on trade has seen him wrangle with allies, said in a statement that a 25 percent tariff would be imposed on a list of strategically important imports from China. He also vowed further measures if Beijing struck back.
“The United States will pursue additional tariffs if China engages in retaliatory measures, such as imposing new tariffs on United States goods, services, or agricultural products; raising non-tariff barriers or taking punitive actions against American exporters or American companies operating in China,” Trump said in a statement.
Earlier on Friday, China vowed to do just that, saying it would strike back, just hours before Trump’s statement. Trump has already said the United States would hit another $100 billion of Chinese imports if Beijing retaliated.