Trump announces tariffs on $50 billion in Chinese goods
President Trump on Friday announced that the United States would impose tariffs on $50 billion in Chinese products.
“My great friendship with President Xi of China and our country’s relationship with China are both very important to me,” Trump said in a statement.
“Trade between our nations, however, has been very unfair, for a very long time. This situation is no longer sustainable,” he said.
U.S. Trade Representative Robert Lighthizer released a list of 1,102 products that will be hit by the 25 percent tariff.
The first round of tariffs on 818 products will go into effect on July 6, according to the USTR. A second batch of products will undergo further review.
“This includes goods related to China’s Made in China 2025 strategic plan to dominate the emerging high-technology industries that will drive future economic growth for China, but hurt economic growth for the United States and many other countries,” the president said in the statement.
The president said that the United States will pursue additional tariffs if China retaliates “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.”