President Donald Trump announced his decision to level a 25 percent tariff on $50 billion worth of Chinese goods on Friday, citing “unfair” practices from China on intellectual property.
“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.”
Trump said that tariffs would include technology industries related to Xi’s “Made in China 2025” plan and prevent China’s “unfair transfers” of American technology to the Chinese to protect American jobs.
He warned China not to engage in retaliatory measures, threatening additional tariffs on their products. He also reaffirmed his strong relationship with Chinese President Xi.
“My great friendship with President Xi of China and our country’s relationship with China are both very important to me,” he said. “Trade between our nations, however, has been very unfair, for a very long time. This situation is no longer sustainable.”