The Trump administration will continue with a plan to impose a 25 percent tariff on $50 billion worth of Chinese goods and restrict Beijing’s investment in high-tech companies in the United States, the White House said Tuesday.
“For many years, China has pursued industrial policies and unfair trade practices … that champion Chinese firms and make it impossible for many United States firms to compete on a level playing field,” the White House said in a statement.
The tariffs will target goods “containing industrially significant technology” related to the “Made in China 2025” program, the statement said.
A final list of the imports subject to the tariffs will be released June 15 and the investment restrictions will be announced on June 30.
The administration laid out a list of abusive trading actions by China — including placing high tariffs on US goods and banning some imports — that have led to America’s $375 billion trade deficit in 2017.
”For instance the United States charges a 2.5 percent tariff on Chinese cars, while China currently maintains a 25 percent tariff on cars from the United States,” the White House said.
China has pledged to retaliate against any tariffs imposed by the US.
The decision comes as Commerce Secretary Wilbur Ross is scheduled to be in China early next month for talks to reduce the tensions over trade between the two countries.
Trump has bemoaned the massive US trade deficit with China as evidence that Beijing has been complicit in abusive trading practices.
The White House also says the US is planning new investment restrictions and export controls.
