Trump plans stiff trade tariffs and other penalties on China

President trump on Thursday plans to announce at least $50 billion worth of annual tariffs and other penalties on China for its theft of technology and trade secrets, which administration officials say has robbed American Companies of billions of dollars in revenue and killed thousands of jobs. Still, American business groups expressed concern over the possibility that the United States tariffs would spur others around the world to raise their own trade barriers.

“A focused effort to fix the problems is better than imposing sanctions that will bring collateral damage to American households, farmers and manufacturers,” Jake Parker, vice president of China operations for the U.S.-China Business Council said in an emailed statement.