The daily business briefing: May 30, 2018

The White House goes ahead with plans for stiff tariffs on Chinese imports, Italy's crisis weighs heavily on stocks, and more

A cargo ship loads up in Qingdao, China.
(Image credit: Getty Images)

1. White House confirms tariff on $50 billion worth of Chinese goods

The White House said Tuesday that it would go ahead with imposing a 25 percent tariff on certain Chinese goods next month following weeks of concern that the move could fuel a trade war. Some $50 billion worth of annual imports would be targeted. A final list of goods covered by the tariff is expected by June 15. The Trump administration said it also plans to restrict China's access to American technology due to national security concerns. Trade negotiations between the nations are ongoing, and Treasury Secretary Steven Mnuchin said less than two weeks ago that the trade war was "on hold" as the discussions progressed. Commerce Secretary Wilbur Ross will travel to China to continue talks in early June.

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.