WASHINGTON -- The U.S. on Friday said it will proceed with the plan to impose a 25% tariff on $50 billion worth of imports from China, further escalating trade tensions between the world's two largest economies.
A total of 1,102 products will be affected, according to the final list also announced Friday. President Donald Trump's administration plans to put the new rate into effect July 6 on 818 of the products, worth $34 billion, with the rest following a public notice and comment process.
China has promised to retaliate against such tariffs.
"My great friendship with President Xi [Jinping] of China and our country's relationship with China are both very important to me," Trump said in a statement. "Trade between our nations, however, has been very unfair, for a very long time. This situation is no longer sustainable."
Trump specifically took issue with the acquisition of American intellectual property and technology. The products subject to the new tariffs include goods related to Beijing's "Made in China 2025" initiative, he said. The president called the initiative a "strategic plan to dominate the emerging high-technology industries that will drive future economic growth for China, but hurt economic growth for the United States and many other countries."
"The United States can no longer tolerate losing our technology and intellectual property through unfair economic practices," Trump said.