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US Moves Forward With $50 Billion In Tariffs On Chinese Imports

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US Moves Forward With $50 Billion In Tariffs On Chinese Imports
The White House says a final list of the targeted goods will be released by June 15, and the tariffs will be imposed soon after.
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The Trump administration says it's moving forward with plans to crack down on Chinese trade practices.

According to a statement issued Tuesday by the White House, the U.S. will impose a 25 percent tariff on $50 billion in Chinese imports that contain "industrially significant technology."

A final list of the targeted goods will be released by June 15, and the tariffs will be imposed soon after.

The White House said the administration will also proceed with new investment restrictions and enhanced export controls.

The move comes just over a week after Treasury Secretary Steven Mnuchin said the U.S. and China were "putting the trade war on hold." 

China already said it would retaliate if the U.S. decided to impose the 25-percent tariffs.