Invoking Section 301 of the 1974 Trade Act, U.S. President Donald Trump signed a memorandum announcing tariffs on about $50 billion worth of Chinese exports, citing China’s unfair seizure of U.S. intellectual property.
The world’s second largest economy announced plans to levy additional duties on up to $3 billion of U.S. imports including fresh fruit, wine and nuts in response to import tariffs Trump announced earlier this month on steel and aluminum, which were due to go into effect on Friday.
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