President Trump will sign a presidential memorandum today in order to authorize new tariffs and economic penalties on China. The event is scheduled to begin at 12:30 p.m. EST.
Trump recently caused international economic upheaval by placing tariffs on steel and aluminum imports. Trump’s new move to punish Chinese trade abuses — a move he long advocated for on the campaign trail — is likely to cause another shift for America’s economic policy.
Trump’s tariffs will be focused on punishing Beijing for intellectual copyright infringement and the theft of U.S. technology by Chinese businesses. At least $30 billion worth of imports are likely be affected by the new initiative, which is already shaking things up for the Dow Jones industrial average and the S&P 500 index.
The new tariffs have revived concern about a global trade war in the future, and China has already moved to retaliate with their own action in the financial sector.
“A trade war does no good to anyone. There is no winner,” Chinese Premier Li Keqiang said during a recent news conference.
Watch above, via The White House.
[Image via screengrab]
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