A trade war looms as Trump slaps tariffs on Chinese imports
WASHINGTON (AP) — President Donald Trump brought the world's two biggest economies to the brink of a trade war Friday by announcing a 25 percent tariff on up to $50 billion in Chinese imports to take effect July 6.
Beijing quickly responded that it would retaliate with penalties of the same scale on American goods.
In announcing the U.S. tariffs, Trump said he was fulfilling a campaign pledge to crack down on what he contends are China's unfair trade practices and its efforts to undermine U.S. technology and intellectual property.
"We have the great brain power in Silicon Valley, and China and others steal those secrets," Trump said on "Fox & Friends." ''We're going to protect those secrets. Those are crown jewels for this country.