Trump hits China with $50B tariffs, investment restrictions

President Donald Trump is moving ahead with steps to protect U.S. intellectual property by punishing China with broad investment restrictions, litigation at the World Trade Organization and hefty tariffs on $50 billion worth of Chinese goods. The move, which the White House announced Tuesday morning, comes just over a week after Treasury Secretary Steven Mnuchin said the trade war between the two countries was “on hold” and will ratchet up tensions just before Commerce Secretary Wilbur Ross is set to arrive in Beijing this week for further talks. Beijing has already pledged to retaliate against the 25 percent tariffs, which the White House said will specifically target Chinese imports “containing industrially significant technology, including those related to the ‘Made in China 2025’ program.” The list of targeted goods will be announced by June 15 and imposed shortly after, the White House said. The investment restrictions and strengthened export controls will aim to curb Chinese acquisition of “industrially significant” technology and will be announced by June 30. The White House also pledged to continue a WTO case it started in March on accusations that China’s intellectual property practices violate international trade law. All three measures are being taken as a result of a seven-month investigation the Trump administration began into China’s handling of data and intellectual property, which wrapped up in late March. The White House argues as a result of that investigation that Beijing commits IP theft and forces foreign companies to hand over valuable data in order to operate in the Chinese market and compete with domestic firms...MORE