Trump to impose tariffs of $50bn on Chinese imports: WH

Washington

President Donald Trump will impose tariffs on about $50 billion in Chinese goods imports to retaliate against the alleged theft of American intellectual property, White House officials said on Thursday.
The new import duties will target industrial sectors where “China has sought to acquire an advantage through the unfair acquisition or forced technology transfer from US companies,” senior White House economic advisor Everett Eissenstat told reporters.
The products subject to the new tariffs have not yet been officially identified and Thursday’s announcement did not immediately impose new import duties.
But the move sent stocks diving on Wall Street, where the Dow Jones Industrial Average was down about two per cent ahead of the announcement and ratcheted up Trump’s campaign of confrontation with trading partners.—AFP

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