Trump announced plans to set tariffs of 25 percent to $ 50 billion of Chinese goods

Donald Trump and Xi Jinping
US President Donald Trump announced plans for an aggressive new tariff on China by setting a 25 percent import tax on $ 50 billion of important industrial technology imported from China. China promised to retaliate immediately and said the United States had "launched a trade war."

As said on CNBC that, in a statement Friday, President Donald Trump said measures would affect Chinese goods "containing significant industrial technology. The move came in light of China's intellectual property and technology theft and other unfair trade practices, "he added.

Trump reminds that the White House may impose additional tariffs if China retaliates on American plants or other products. Beijing did that on Friday.

With the announcement of the White House, China has threatened to retaliate for any tariff, registering US products ranging from sorghum, soy, meat, and whiskey to airplanes and cars.

China also said it would cancel its pledge to buy more US goods. The promises came during negotiations with US trade officials last month.

China's commerce ministry responded to the tariff announcement, saying, "We will soon introduce taxation measures of the same scale and same strength."

The announcement on Friday marked Trump's latest move to crack down on what he considered to be unfair trade practices by major trading partners. He is already engaged in increasing trade conflicts with Canada, Mexico, and the European Union. According to the White House, tariffs are targeted at the "Made in China 2025" initiative, aimed at promoting high-tech manufacturing in the country.

The EU and Canada say they will impose a reprisal rate starting in July. Thus, the announcement prompted Mexico to retaliate at its own expense on US goods. Trump said in a statement that the United States would pursue additional tariffs if China retaliates.


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