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President Donald Trump announced Thursday that the US will soon impose tariffs on billions of dollars of Chinese imports, a move that could eventually trigger a trade war.
The tariffs, which function as a tax on imports, come in response to a Trump administration investigation into the China's theft of US intellectual property, or IP. For instance, the country hasforced businesses to move their patents to China or disclose their trade secrets to do business there.
Trump will impose tariffs on imports of more than 100 different Chinese goods and hit industries from biopharmaceutical to robotics to rail equipment. A full list of products will be released in 15 days according to White House officials, which will give businesses time to petition for certain items to be excluded. The statement will also limit certain Chinese investments into the US.
Chinese officials have already signaled they will respond with tariffs of their own.
Here's the latest:
- Trump just slammed China with tariffs on $50 billion worth of goods in a move that "could escalate into a global trade war"
- Dow plummets almost 500 points as Trump's China tariffs ignite fears of trade war
- Trump's latest step toward a trade war threatens to make one of the market's biggest fears even worse
- The "Fear Index" is soaring as fears of a trade war intensify
- Industrial stocks sink amid worries Trump's tariffs will start a trade war
In Wall Street news, Citigroup will stop doing business with companies that allow certain gun sales. Here's who secured Wall Street bragging rights in every key business in 2017. And Wall Street's biggest bull wants to dispel a major misconception about the stock market.
In Facebook news:
- Mark Zuckerberg is "sure" that Russia is using Facebook to meddle in the US midterm elections
- Leaked email shows how Cambridge Analytica and Facebook first responded to what became a huge data scandal
- "Systemic mismanagement": Wall Street analyst rips Facebook apart, saying personnel changes could be on the way
- The Facebook-Cambridge Analytica scandal is the textbook case for why we need new privacy protections
- Everything happening to Facebook stems from its radical thesis of 'Move fast and break things'