WASHINGTON – The U.S. will impose $50 billion in tariffs on Chinese goods, the Trump administration announced Tuesday.
“The United States will impose a 25 percent tariff on $50 billion of goods imported from China containing industrially significant technology, including those related to the “Made in China 2025” program,” the White House Press Office said in a statement. “The final list of covered imports will be announced by June 15, 2018, and tariffs will be imposed on those imports shortly thereafter.”
Senate Minority Leader Chuck Schumer (D-N.Y.) urged the administration to proceed with caution.
“The president has the potential to do more to correct China’s unfair trade policies than any president has had but he must be strong, tough and consistent,” Schumer said in a statement. “While obviously more details are needed, this outline represents the kind of actions we have needed to take for a long time, but the president must stick with it and not bargain it away.”
The announcement comes little more than a week after Treasury Secretary Steven Munchin said the administration would suspend a plan to slap Beijing with tariffs. Mnuchin met with Chinese officials in Washington a few days earlier. He said the parties were on the verge of an agreement on a plan to address trade imbalances.
In April, Trump directed Office of the United States Trade Representative to assess the tariff plan.
In March, the administration imposed a 25 percent tariff on steel imports and a 10 percent tariff on aluminum imports.
China responded by imposing $3 billion worth of tariffs on U.S. exports of steel, aluminum and more than 100 other products.
The back and forth has led to concerns of a global trade war.
The U.S. and China are the world’s largest economies, respectively. China is America’s largest creditor. Beijing owns most of America’s more than $21 trillion debt. America’s trade deficit with China exceeds $375 billion.