President Trump on Thursday announced he plans to slap tens of billions of dollars in tariffs and penalties on imports from China to try to curb what he described as its efforts to steal intellectual property from U.S. companies.
During an event at the White House, Trump said that imposing tariffs on China is “going to make us a much stronger, much richer nation.”
The president called China a “friend” but demanded the world’s second-largest economy adopt more favorable trade practices with the U.S.
The memorandum is a result of a Section 301 investigation launched in August that found that China’s theft of U.S. intellectual property is costing the U.S. economy billions of dollars.
Read more at The Hill.