US on Brink of Trade War as Trump Announced $50 Billion in Tariffs Against Chinese Imports

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President Trump is following through on his threat to implement tariffs on $50 billion in Chinese imports, and China has vowed to retaliate. Trump responded to China’s threat by pledging more tariffs. The tariffs are in response to an investigation that accused China of stealing US intellectual property in order to dominate the development of advanced technology. The US imported $505 billion of goods from China last year and exported about $130 billion, leaving a 2017 deficit of $376 billion.

In a statement Friday, Trump pledged additional tariffs if China follows through on the retaliation threats. The 25 percent duties are a response to the U.S.’s so-called Section 301 investigation earlier this year that accused China of stealing U.S. intellectual property in an effort to dominate the development of advanced technology.

“The United States can no longer tolerate losing our technology and intellectual property through unfair economic practices,” Trump said in the statement.

China, the world’s No. 2 behind the U.S., has pledged to retaliate on U.S. exports including soybeans and pork. The U.S. imported $505 billion of goods from China last year and exported about $130 billion, leaving a 2017 deficit of $376 billion, according to government figures.

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KM
KM
2 years ago

OH yeah, heap of trouble. I said it last year, he’s the war prez…