‘THEY’VE TAKEN SO MUCH’

Vowing to cut U.S. trade deficits and protect the nation’s high-tech “crown jewels,” President Trump said he was levying a 25 per cent tariff on up to US$50 billion worth of Chinese imports, instantly escalating a trade dispute between the world’s two largest economies. China’s government quickly responded that it would “fight back strongly” with penalties of the same scale on American goods. Trump said he was fulfilling a campaign pledge to crack down on what he contends are China’s unfair trade practices and efforts to undermine U.S. technology and intellectual property. The president hailed his “very big tariffs” on China. “You know we have the great brain power in Silicon Valley, and China and others steal those secrets. And we’re going to protect those secrets. Those are crown jewels for this country,” Trump said. Asked about inciting a trade war, he said, “There is no trade war. They’ve taken so much” already.