Business News, International, (Washington D C), May 30:-Days after a trade war between the two countries was averted, the United States on Tuesday announced 25 per cent tariff on USD 50 billion of tech goods imported from China, the White House said.
The Donald Trump administration added that it would crack down on “illegal” Chinese trade practices by June 30.
In a statement, the White House said, “To protect our national security, the United States will implement specific investment restrictions and enhanced export controls for Chinese persons and entities related to the acquisition of industrially significant technology.”
“A 25 percent tariff will be levied on USD 50 billion of tech goods imported from China, and the US pledges in the statement to continue litigating the issue in front of the World Trade Organisation. The list of affected goods will be released by June 15,” it added, The Hill reported.
The statement further read, “The United States will continue efforts to protect domestic technology and intellectual property, stop noneconomic transfers of industrially significant technology and intellectual property to China, and enhance access to the Chinese market.”
The White House further stressed that discussions over the same would continue, adding that the US was looking forward to resolving long-standing structural issues and expanding its exports by eliminating China’s severe import restrictions.
Earlier this month, US Treasury Secretary Steven Mnuchin, who was on a visit to China over trade negotiations said that the trade war with China was “on hold,” with both sides agreeing to remove the proposed tariffs.
The latest move to announce the tariffs comes ahead of US Commerce Secretary Wilbur Ross’s visit to China next month over the same.
The United States and China have been tied-up in a constant bilateral trade war.
On March 23, Trump had imposed massive trade tariffs amounting to USD 60 billion on China, in an effort to stop the latter from stealing “intellectual property” from American companies.
In retaliation, China threatened to impose a 25 percent tariff on USD 50 billion worth of US exports.
However, none of the tariffs above came into effect.
-(NAV, Inputs: Agencies)