ADVERTISEMENT
ADVERTISEMENT

Trump ignites trade war with China, officially announces tariffs on $50 billion worth of Chinese goods

President Donald Trump officially announced tariffs on more than $50 billion worth of Chinese goods on Friday and threatened to implement more if the Chinese government retaliates with tariffs of their own.

  • President Donald Trump officially announced tariffs on $50 billion worth of Chinese goods Friday.
  • Trump said more tariffs on Chinese goods could come if the Chinese government retaliates.
  • Analysts warn that the move could kick of a full-blown trade war with China.

President Donald Trump officially rolled out tariffs on roughly $50 billion worth of Chinese goods Friday and threatened further measures if the Chinese government hits back.

"In light of China’s theft of intellectual property and technology and its other unfair trade practices, the United States will implement a 25 percent tariff on $50 billion of goods from China that contain industrially significant technologies," Trump said in a statement.

"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."

ADVERTISEMENT

According to the US Trade Representative's (USTR) office, the tariffs would come in two parts.

The first section will be implemented on July 6 and apply to 818 goods with a total value of $34 billion. The second set, which includes 284 goods equal to $16 billion worth of imports, would come later and be subject to additional public comments.

The list generally hits industrial goods rather than consumer items, according to the USTR statement.

"It generally focuses on products from industrial sectors that contribute to or benefit from the 'Made in China 2025' industrial policy, which include industries such as aerospace, information and communications technology, robotics, industrial machinery, new materials, and automobiles," the statement read. "The list does not include goods commonly purchased by American consumers such as cellular telephones or televisions."

"Made in China 2025" is an important economic initiative undertaken by the Chinese government to promote the development of key industries, particularly in the tech sector, over the next seven years.

ADVERTISEMENT

In addition to Friday's tariffs, the White House is also considering an additional set of tariffs on another $100 billion of Chinese goods. In the statement, Trump said those measures would be implemented only if the Chinese strike back at Friday's move.

"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.

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.
ADVERTISEMENT

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.ng

Recommended articles

7 do's and don’ts of the Holy month of Ramadan

7 do's and don’ts of the Holy month of Ramadan

Top 5 sweetest celebrity mother-child relationships that stand out for us

Top 5 sweetest celebrity mother-child relationships that stand out for us

International Women's Day: 5 Nigerian female celebrities championing women’s rights

International Women's Day: 5 Nigerian female celebrities championing women’s rights

Top 5 female directors in Nollywood

Top 5 female directors in Nollywood

6 things that will break a Muslim's fast during Ramadan

6 things that will break a Muslim's fast during Ramadan

5 benefits of fasting during Ramadan

5 benefits of fasting during Ramadan

Dos and don’ts of supporting Muslims during Ramadan

Dos and don’ts of supporting Muslims during Ramadan

5 young women who embody Y2K and alte fashion

5 young women who embody Y2K and alte fashion

How March became women's history month

How March became women's history month

ADVERTISEMENT
ADVERTISEMENT