U.S. Markets close in 2 hrs 19 mins

What you need to know on Wall Street today

Matt Turner
What you need to know on Wall Street today

Welcome to Finance Insider, Business Insider's summary of the top stories of the past 24 hours. Sign up here to get the best of Business Insider delivered direct to your inbox.

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:

In Wall Street news, Citigroup will stop doing business with companies that allow certain gun salesHere'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:

NOW WATCH: Here's what Jim Chanos is tired of hearing about from Wall Street and Silicon Valley

See Also: