US President Donald Trump today slapped a stiff 25 per cent tariff on USD 50 billion worth of Chinese goods, as he accused Beijing of intellectual property theft and unfair trade practices, triggering a full-fledged trade war between the world’s two largest economies.
In a statement, Trump said trade between the two countries has been very unfair for a very long time adding that this situation is no longer sustainable.Trump warned China of more tariffs if Beijing retaliated on today’s announcement. Reacting to Trump’s latest announcement, China said it has imposed “equal” tariffs on US products.
Trump’s decision to impose fresh tariffs on China follows his recent imposition of steep tariffs on steel and aluminum imports from Canada, Mexico and the European Union on national security grounds.The EU and Canada have said they will enact retaliatory tariffs starting in July. Mexico has already retaliated with its own tariffs on US goods.