White House to impose 25% tariff on $50bn worth of Chinese goods

Ivanka Trump and her husband Jared Kushner dine with Chinese officials

The change would come as President Donald Trump's administration attempts to crack down on what it says is theft of USA intellectual property by China.

Office of Trade and Manufacturing Policy Director Peter Navarro on Wednesday told FOX Business President Trump is reigniting the trade war with China to protect national security.

Commerce Secretary Wilbur Ross is due in Beijing on Saturday after the White House renewed its threat of 25 percent tariffs on $50 billion of Chinese goods.

Pointing to a pause in the trade dispute, the administration pointed to China's plans to "significantly increase" its purchases of USA goods and services and make "meaningful increases" in US exports of agriculture and energy products.

Donald Trump is gearing up for a trade war with China. "From now on, we expect trading relationships to be fair and to be reciprocal", said President Trump. The final tariff list will be made public by June 15 with the new import taxes taking effect shortly thereafter.

Now Wilbur Ross, the USA commerce secretary, is planning to return to Beijing on Saturday for another round of talks in the ongoing trade and intellectual property dispute. "We urge the U.S.to honor its words and meet China halfway in the spirit of our joint statement.", said Hua Chunying of the Chinese foreign ministry. The list of restrictions and controls will be announced by June 30, 2018.

The White House also announced new restrictions on Chinese investment and US exports of high-tech goods to China.

China later retaliated by levying tariffs against USA exports.

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"The Chinese government is known for using their military's cyber capabilities to hack into private U.S. tech firms, stealing IP, then transferring the technology to state-run companies who profit from its development", he said.

President Trump is moving forward with imposing tariffs on $50 billion of Chinese imports, the White House said Tuesday, ending a brief cease-fire in the trade war after talks broke down this month.

Alongside this, it said it will continue to pursue litigation at the World Trade Organisation against China's "discriminatory technology licensing requirements".

China's Commerce Ministry said that the statement by Washington is surprising and negates the recent agreements between both sides. "China's unwillingness to agree to a trade deficit reduction target or make other major concessions has probably emboldened those in the administration who have argued for a hard line stance against China on trade issues".

The changes come as Trump seeks to crack down on China's trade practices, especially those related to cutting-edge industries that Beijing wants to dominate. And while they do not include apparel and footwear, the industry is concerned about their possible inclusion on any lists extended to additional products imported from China.

That deal was separate from the U.S. investigation into China's alleged theft of intellectual property.

A 25% tariff on $50 billion worth of Chinese goods.

Economists estimate that USA exports could rise by up to $90 billion over a period of years.

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