Trump ignites trade war with China, officially announces tariffs on $50 billion worth of Chinese goods

President Donald Trump officially rolled out tariffs on roughly $50 billion worth of Chinese goods Friday, and threatened even more measures if the Chinese government hits back.

"In light of China's theft of intellectual property and technology and its other unfair trade practices, the United States will implement a 25 percent tariff on $50 billion of goods from China that contain industrially significant technologies," Trump said in a statement. "This includes goods related to China's Made in China 2025 strategic plan to dominate the emerging high-technology industries that will drive future economic growth for China, but hurt economic growth for the United States and many other countries."

Trump first announced the tariffs on Chinese goods in March, but a preliminary deal following negotiations with the Chinese government appeared to put the trade restrictions on hold. But, the White House announced at the end of May that the tariffs would move forward despite the deal.

In addition to Friday's tariffs, the White House is also considering an additional set of tariffs on another $100 billion of Chinese goods. In the statement, Trump said those measures would be implemented only if the Chinese strike back at Friday's move.

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"The United States will pursue additional tariffs if China engages in retaliatory measures, such as imposing new tariffs on United States goods, services, or agricultural products; raising non-tariff barriers; or taking punitive actions against American exporters or American companies operating in China," Trump said.

The Chinese government already threatened to retaliate on Thursday when press reports indicated Trump's decision was imminent.