US moves forward with tariffs on $50bn of Chinese goods

15 June 2018 16:58 Source:ICIS News

HOUSTON (ICIS)--US President Donald Trump on Friday moved ahead with plans to impose tariffs on goods from China, causing China’s government to respond that it would seek similar actions.

“In light of China’s theft of intellectual property and technology and its other unfair trade practices, the US will implement a 25% tariff on $50bn of goods from China that contain industrially significant technologies,” Trump said in a White House press release.

US Trade Representative (USTR) Robert Lighthizer alleged that China has engaged in cyber attacks on US computer networks, in addition to intellectual property theft and the transfer of US technology.

“President Trump has made it clear we must insist on fair and reciprocal trade with China and strictly enforce our laws against unfair trade,” Lighthizer said.

The USTR office created two lists of products from China that consist of the tariff lines.

The first set will come into effect on 6 July, and cover approximately $34bn worth of goods.

The second set covers the remaining $16bn. USTR said a final determination of the list is still in progress.

Trump noted the US will pursue additional tariffs if China engages in retaliatory measures.

China’s foreign ministry spokesperson Lu Kang said measures “of the same scale”  would be taken immediately.

By David Haydon