Trump announces new tariffs and investment restrictions on Chinese technology

A lot can happen in 9 days.

“We are putting the trade war on hold,” Mnuchin said on the political news show, “Fox News Sunday” on May 20.

Mnuchin made the statement that the US and China were stepping back from a possible trade war after two days of talks that produced “meaningful progress.”

It appears that progress has stalled and the hold is off.

This morning, the Trump White House announced new tariffs and investment restrictions would be placed on Chinese technology as "China has consistently taken advantage of the American economy with practices that undermine fair and reciprocal trade."

The statement announces the US will impose a 25 percent tariff on $50 billion worth of Chinese goods containing “industrially significant technology.”

The White House said the tariff would cover goods related to the “Made in China 2025” program. The full list of imports that to receive the duties will be announced by June 15.

The White House also says the US is planning new investment restrictions and export controls.

The announcement comes as the administration negotiates with China on a broad range of issues - from North Korea to commercial relations. Commerce Secretary Wilbur Ross is expected to travel to China on  June 2-4.