Trump Approves Tariffs On $50B In Chinese Goods

Bloomberg reports:

President Donald Trump has approved tariffs on Chinese goods worth about $50 billion, said a person familiar with the decision, ratcheting up a confrontation on trade with Beijing and triggering losses in the domestic stock market.

The Trump administration is preparing to release a refined list of the first batch of Chinese products to be hit with tariffs on Friday that hones in on technologies where China wants to establish itself as a leader, according to people familiar with the matter. In April, the U.S. revealed an initial list targeting about 1,300 products worth $50 billion in Chinese imports.

The U.S. is also nearing completion of a second list of products ordered by Trump, worth $100 billion, which would be subject to the same public hearing process as the first, Reuters reported on Friday. That could bring a another wave of duties after 60 days or more, the report said.

CNBC reports:

In a statement Friday, President Donald Trump said the measures will affect Chinese goods “that contain industrially significant technologies.” The action comes “in light of China’s theft of intellectual property and technology and its other unfair trade practices,” he added.

Trump noted that the White House could impose additional tariffs if China retaliates with duties of its own on American crops or other products. Shortly after Trump’s announcement, China’s Commerce Ministry said it would impose tariffs immediately and at the same scale as the U.S. did. Beijing added that all previous trade negotiations are no longer valid.