Trump hits China with tariffs on $50 billion worth of imports



Washington, March 23: In a move seen as the next salvo in his widening war on Chinese trade abuses, US President on Thursday directed the trade representative to level tariffs on nearly $50 billion worth of Chinese imports.



According to CNN, the move comes following a seven-month investigation into the intellectual property theft, which has been a longstanding point of contention in US-China trade relations.



In addition to the tariffs, the US also plans to impose new investment restrictions, take action against China at the World Trade Organization and the Treasury Department also will propose additional measures.



"We have a tremendous intellectual property theft problem. It's going to make us a much stronger, much richer nation," Trump was quoted as saying.



Trump on Thursday signed a memorandum announcing the trade actions, invoking Section 301 of the 1974 Trade Act, which formed the basis for the administration's investigation.



Before signing the measure, Trump lamented the US' multi-hundred billion dollar trade deficit with China and said the action would be "the first of many."



Trump, on March 8, signed proclamations to impose a 25 per cent tariff on imported steel and a 10 per cent tariff on aluminum, causing mounting dissent among business groups and trading partners around the world.

 

IANS

Related news

Don’t Miss

India-Pakistan WAR on June 16, 2019!!!
Wah..Airport like railway station in India this year..See PIC
PM launches Rashtriya Gram Swaraj Abhiyan
Asaram has always tamed controversy, know more about the verdict
Angry Iran won't let US hurt its economy, takes a vow
While BJP's Swamy hails VP's decision, Shiv Sena criticises the move
Cash for vote..Rs 41300000 cash, 4.52 kg gold seized in Karnataka
9 new ministers to take oath as Amarinder Singh to expand cabinet
Breaking: POSCO Act: Ordinance on death for child rapists gets a nod
IMF expects this from India
Sensex ends flat at 34,415.58; tech stocks RISE
18 Rohingyas arrested in Tripura for entering country illegally
BMW India launches third generation of SUV X3
Apple working on iPhone SE 2
Now you don't need a commercial licence for taxis and autos
Modi warns Pak from London,stop terror else face surgical strike..Rapes are worrisome, says PM
10 Points: Where has all the cash disappeared from ATMs
Indu Malhotra 1st women lawyer to become SC judge, Joseph on hold
Yogi red-faced..BJP MLAs praise Samajwadi development work of a Yadav
Simply Superb! Five looks of Ranbir Kapoor as Sanjay Dutt will surprise you
This BJP leader blames porn behind rising child rape cases!
Amit Shah blasts Rahul..Save the Constitution=Save Gandhi Dynasty..Rahul is insulting Ambedkar
50 IIT alumni quit jobs to form political party, declare mission statement
A 14-year-old abducted and raped in a temple in Haryana
Major controversies of Asaram Bapu
Infant raped, killed in MP; 1 arrested
Amitabh Bachchan 'attacked'.. Details here
Good news: All metro stations in Delhi will be counterless soon
UP CM Yogi Adityanath a hit on Facebook
Hmm..Deepika walks hand-in-hand with ex Ranbir Kapoor

Most Popular