President Donald Trump announced on Tuesday that the United States would impose 25 percent tariffs on $50 billion worth of Chinese goods and place broad investment restrictions on Chinese investments in American technology.
The list of goods that will fall under the tariffs will be announced by June 15 and imposed shortly after, according to the White House. The investment restrictions and enhanced export controls for “Chinese persons and entities related to the acquisition of industrially significant technology” will be announced by June 30.
The administration also said it would continue to pursue the case it filed in March at the World Trade Organization over China’s “discriminatory practices for licensing intellectual property.”
The news comes just days after Treasury Secretary Steven Mnuchin said that a trade war with China was “on hold” as both sides attempt to negotiate and ease trade-related tensions with one another.
“We’re putting the trade war on hold,” US Treasury Secretary Steven Mnuchin said. “We have agreed to put the tariffs on hold while we try to execute the framework.”
Commerce Secretary Wilbur Ross is set to visit Beijing on Saturday to discuss products that China could purchase from the U.S.
The list, which sent to Beijing earlier in the month, is expected to include things like crude oil and refined products, liquefied natural gas, and agricultural exports such as beef, poultry, and soybeans, according to reports.
Tensions between China and the U.S. have continued to rise in the last year, with both countries continually threatening increased tariffs on one another.