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Time Capsule Details | BeingBlackToday.com
2018 . 05 . 29
ASIA CONTINENT
China
Trade Diplomacy Falters U.S. President Imposes Steep Trade Tariffs Against China
Less than two weeks after U.S. Treasury Secretary, Steven Mnuchin, announced that the issue of Chinese trade tariffs was on hold, and just days after China’s top economic advisor, Vice Premier Liu He, led a delegation to the U.S, President Donald Trump announced that he will proceed with its proposal to impose 25% tariffs on $50 billion worth of goods from China, and put into place new limits on Chinese investments in U.S. high-tech industries.

China’s Commerce Ministry said in an announcement that Trump’s acts were “obviously in violation” of their recent agreement, and urged the U.S. to move in the direction of the spirit of their joint communication.

The Trump administration said that it is moving forward with tariffs on $50 billion worth of Chinese goods as punishment for intellectual property theft.