White House confirms tariff on $50 billion worth of Chinese goods
The White House confirmed Tuesday that it will be going forward with the implementation of heavy tariffs on Chinese imports next month following weeks of concern that doing so might spark a trade war, The New York Times reports. Some $50 billion in imported goods will be subject to the 25 percent tariff, with a finalized list of goods expected by June 15. The U.S. also plans to implement restrictions to China's access to American technology, with the administration citing national security concerns.
Trade negotiations between the nations are ongoing, with Treasury Secretary Steven Mnuchin saying the trade war was "on hold" less than two weeks ago. Commerce Secretary Wilbur Ross will travel to China to continue talks in early June.
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