US targets Chinese tech with a 25 percent tariff

Donald Trump has slapped a 25 percent tariff on $50 billion worth of Chinese goods, significantly ramping up trade tensions between the nations. The tariff applies to "industrially significant" goods in sectors like aerospace, information tech, robotics and machinery, but not on consumer goods like smartphones or TVs. "The United States can no longer tolerate losing our technology and intellectual property through unfair economic practices," Trump said in a statement. China responded immediately, saying it will impose comparable taxes on US goods, despite threats from Trump that such a move would results in further retaliatory measures. It also considers all previous trade negotiation gains to be null and void. "China is unwilling to have a trade war, but the Chinese side has no choice but to strongly oppose this, due to the United States' myopic behavior that will harm both parties," said China's commerce department in a statement.