President Trump on Friday announced that the United States will implement a 25 percent tariff on $50 billion of goods from China that contain industrially significant technologies.
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 stated.
According to Trump, Trade between the United States and America has been “unfair” for a “very long time,” and is no longer sustainable. He cited an example of China’s engagement in “several unfair practices related to the acquisition of American intellectual property and technology.”
These tariffs are essential to preventing further unfair transfers of American technology and intellectual property to China, which will protect American jobs, stated Trump. They will serve as an initial step toward bringing balance to the trade relationship between the United States and China, he added.
According to Trump, any attempt by China to retaliate will be met with even heftier tariffs.
“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.”