Trump announces tariffs on $50b in Chinese imports

By AFP
Published: June 15, 2018
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Says additional tariffs also expected if Beijing hits back with tit-for-tat duties PHOTO: REUTERS

Says additional tariffs also expected if Beijing hits back with tit-for-tat duties PHOTO: REUTERS

WASHINGTON: US President Donald Trump announced tariffs of 25% targeting $50 billion in Chinese imports, making good on a pledge to punish the alleged theft of American intellectual property.

The announcement was sure to spark countermeasures by Beijing, which has vowed to retaliate, bringing the world’s two largest economies to the brink of an all-out trade war long feared by markets and industry.

However, in a statement, Trump also warned of “additional tariffs” should China hit back with tit-for-tat duties on American goods and services exports.

“The United States can no longer tolerate losing our technology and intellectual property through unfair economic practices,” Trump said in the statement.

“These tariffs are essential to preventing further unfair transfers of American technology and intellectual property to China, which will protect American jobs.”

Trump expected to take ‘significant action’ against China on trade: official

The announcement caps months of sometimes fraught shuttle diplomacy between Washington and Beijing, in which Chinese offers failed to assuage Trump’s grievances over the soaring US-China trade imbalance.

But Trump’s China trade offensive is only one side of his multi-front trade confrontation with all major US economic partners.

Trump outraged Canadian, Mexican and European leaders last month by imposing punishing tariffs on imports of steel and aluminum to protect American producers from allegedly unfair competition.

The Trump administration on Friday was also due to release a finalised list of Chinese goods that will face the tariffs.

US officials say Beijing has sought industrial dominance in the emerging technologies through the theft of American know-how through forced technology transfers, hacking and other forms industrial espionage.

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Reader Comments (1)

  • candy
    Jun 16, 2018 - 4:09AM

    Trump told everyone when he was campaigning for office he would move the embassy to Jerusalem, talk to N Korea, and impose tariffs on China and others who didn’t trade fairly with the USA. If I was in charge I would take a close look at the promises he made that concerned Pakistan. He seems to have the guts to follow through on his promises regardless of political fallout. Recommend

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