Trump to Impose Tariffs on $50B of China's Tech Goods


And the investment and export control actions will be officially promulgated on June 30.

While the announcements eased worries about the possibility of a trade war between world's two largest economies, U.S. President Donald Trump also said last week that any deal between Washington and Beijing would need "a different structure", fueling uncertainty over the talks.

In retaliation, China announced plans to impose new tariffs of 25 per cent worth Dollars 50 billion on 106 American products including items like soybeans which could hurt American farmers. It will announce the final list of covered imports by June 15, 2018, and the tariffs will be imposed shortly thereafter.

The White House statement said: "Discussions with China will continue on these topics, and the United States looks forward to resolving long-standing structural issues and expanding our exports by eliminating China's severe import restrictions".

Other punitive steps include implementing stronger investment restrictions and enhanced export controls for Chinese citizens and companies related to the acquisition of industrially significant technology to protect national security.

The tariffs and investment restrictions, as well as a case brought by the USA against China before the World Trade Organisation, are the outcome of an investigation launched a year ago into intellectual property practices in China.

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Moon said he held Saturday's impromptu meeting, the second summit between the two sides in a month, at Mr. The US President said they are still considering 12 June in Singapore for the summit with Kim Jong Un .

US Commerce Secretary Wilbur Ross, arrives in Beijing on June 2 for further trade talks, and the latest statement is seen as a pressure tactic.

"The United States will continue efforts to protect domestic technology and intellectual property, stop noneconomic transfers of industrially significant technology and intellectual property to China, and enhance access to the Chinese market", the statement continues. The White House accused China of placing outrageous levies and requirements on stuff exported from the States to the Middle Kingdom, for allowing Chinese organizations to rip off American technology or steal blueprints through corporate espionage, and basically for making life hard for U.S. enterprises.

The US filed the case regarding these violations on March 23.

The White House has gone back on its pledge to back down over tariffs on Chinese goods, announcing today that it will impose duties on $50bn-worth of goods.

The White House statement also said the USA plans to continue litigation at the World Trade Organization for China's intellectual-property practices.