In a wide-ranging statement, the White House said that under Section 301 of the Trade Act of 1974, “the United States will impose a 25% tariff on $50 billion of goods imported from China containing industrially significant technology, including those related to the ‘Made in China 2025’ program.”
It added that the final list of covered imports will be announced by June 15, with tariffs to be imposed on those imports soon after that date.
Along with the 25% tariff on $50 billion of goods imported from China, the White House said the United States remain focused on: protecting domestic property and intellectual property; stopping non-economic transfers of industrially significant technology and intellectual property to China; and enhancing access to the Chinese market.
What’s more, it said the U.S. will request that “China remove all of its many trade barriers, including non-monetary trade barriers, which make it both difficult and unfair to do business there,” as well as request that tariffs and taxes between the U.S. and China “be reciprocal in nature and value.”
The statement also explained that the U.S. will continue to communicate with China regarding these issues, with a key objective to grow U.S. exports by doing away with what it called long-standing structural issues and “China’s severe import restrictions.