(CNBC) The Trump administration will impose a 25 percent tariff on up to $50 billion in Chinese goods, an action expected to spark fresh broadsides in an escalating trade conflict between the world's two largest economies.
In a statement Friday, President Donald Trump said the measures will affect Chinese goods "that contain industrially significant technologies." The action comes "in light of China's theft of intellectual property and technology and its other unfair trade practices," he added.
Trump noted that the White House could impose additional tariffs if China retaliates with duties of its own on American crops or other products. China is expected to level tariffs on American goods in response to the U.S. action.
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