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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Impact of Trump's proposed steel and aluminum tariffs
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Impact of Trump's proposed steel and aluminum tariffs
NEW YORK, NY - MARCH 1: A trader is comforted by a coworker as they work on the floor of the New York Stock Exchange (NYSE) on March 1, 2018 in New York City. Major stock indexes plunged Thursday afternoon following President Trump's announcement that he was imposing a 25 percent tariff on imported steel and 10 percent on aluminum. Investor concern about the news rattled the Dow Jones industrial average, which closed down more than 400 points. (Photo by Eduardo Munoz Alvarez/Getty Images)
SAN FRANCISCO, CA - MARCH 02: Wine in aluminum cans is displayed on a shelf at Ales Unlimited on March 2, 2018 in San Francisco, California. Beverage companies that use aluminum for canned drinks are concerned that tariffs proposed by US President Donald Trump could result in higher prices for consumers and job cuts across the industry. (Photo by Justin Sullivan/Getty Images)
U.S. President Donald Trump announces that the United States will impose tariffs of 25 percent on steel imports and 10 percent on imported aluminum during a meeting at the White House in Washington, U.S., March 1, 2018. REUTERS/Kevin Lamarque
Members of trade unions hold a protest against US President Donal Trump's import surcharge on Brazilian steel and in defense of their employment, outside the US Consulate in Sao Paulo, Brazil, on March 5, 2018. Since announcing last week plans to impose a 25 percent tariff on steel imports and 10 percent on aluminium, Trump has shrugged off threats from many nations, including China, Canada, Brazil and Mexico among others. / AFP PHOTO / Miguel SCHINCARIOL (Photo credit should read MIGUEL SCHINCARIOL/AFP/Getty Images)
SAN FRANCISCO, CA - MARCH 02: Beer in aluminum cans is displayed on a shelf at Ales Unlimited on March 2, 2018 in San Francisco, California. Beverage companies that use aluminum for canned drinks are concerned that tariffs proposed by US President Donald Trump could result in higher prices for consumers and job cuts across the industry. (Photo by Justin Sullivan/Getty Images)
White House Chief of Staff John Kelly and press secretary Sarah Sanders listen as U.S. President Donald Trump announces that the United States will impose tariffs of 25 percent on steel imports and 10 percent on imported aluminum during a meeting at the White House in Washington, U.S., March 1, 2018. REUTERS/Kevin Lamarque
NEW YORK, NY - MARCH 1: Traders work on the floor of the New York Stock Exchange (NYSE) on March 1, 2018 in New York City. Major stock indexes plunged Thursday afternoon following President Trump's announcement that he was imposing a 25 percent tariff on imported steel and 10 percent on aluminum. Investor concern about the news rattled the Dow Jones industrial average, which closed down more than 400 points. (Photo by Eduardo Munoz Alvarez/Getty Images)
Members of trade unions hold a protest against US President Donal Trump's import surcharge on Brazilian steel and in defense of their employment, outside the US Consulate in Sao Paulo, Brazil, on March 5, 2018. Since announcing last week plans to impose a 25 percent tariff on steel imports and 10 percent on aluminium, Trump has shrugged off threats from many nations, including China, Canada, Brazil and Mexico among others. / AFP PHOTO / Miguel SCHINCARIOL (Photo credit should read MIGUEL SCHINCARIOL/AFP/Getty Images)
Chairman, CEO and president of Nucor John Ferriola and U.S. Steel CEO Dave Burritt flank U.S. President Donald Trump as he announces that the United States will impose tariffs of 25 percent on steel imports and 10 percent on imported aluminum during a meeting at the White House in Washington, U.S., March 1, 2018. REUTERS/Kevin Lamarque
NEW YORK, NY - MARCH 1: A trader works on the floor of the New York Stock Exchange (NYSE) on March 1, 2018 in New York City. Major stock indexes plunged Thursday afternoon following President Trump's announcement that he was imposing a 25 percent tariff on imported steel and 10 percent on aluminum. Investor concern about the news rattled the Dow Jones industrial average, which closed down more than 400 points. (Photo by Eduardo Munoz Alvarez/Getty Images)
SAN FRANCISCO, CA - MARCH 02: Wine in aluminum cans is displayed on a shelf at Ales Unlimited on March 2, 2018 in San Francisco, California. Beverage companies that use aluminum for canned drinks are concerned that tariffs proposed by US President Donald Trump could result in higher prices for consumers and job cuts across the industry. (Photo by Justin Sullivan/Getty Images)
NEW YORK, NY - MARCH 1: Traders work on the floor of the New York Stock Exchange (NYSE) on March 1, 2018 in New York City. Major stock indexes plunged Thursday afternoon following President Trump's announcement that he was imposing a 25 percent tariff on imported steel and 10 percent on aluminum. Investor concern about the news rattled the Dow Jones industrial average, which closed down more than 400 points. (Photo by Eduardo Munoz Alvarez/Getty Images)
Pacific Coast Producers president and CEO Dan Vincent stands in his cooperative's distribution center in Lodi, California, U.S., April 27, 2018. Picture taken April 27, 2018. To match Insight USA-TRUMP/TARIFFS-CANS REUTERS/Noah Berger
An employee uses a crane as he prepares to move a steel pipe at the SAW Pipe Mills, operated by Liberty Commodities Ltd., in Hartlepool, U.K., on Thursday, June 14, 2018. Steel and aluminum�tariffs�imposed by the U.S. in March may already be filtering through to prices charged by American producers of the metals. Photographer: Chris Ratcliffe/Bloomberg via Getty Images
An employee passes a stack of steel pipes at the SAW Pipe Mills, operated by Liberty Commodities Ltd., in Hartlepool, U.K., on Thursday, June 14, 2018. Steel and aluminum�tariffs�imposed by the U.S. in March may already be filtering through to prices charged by American producers of the metals. Photographer: Chris Ratcliffe/Bloomberg via Getty Images
A steel pipe enters a cleaning machine at the SAW Pipe Mills, operated by Liberty Commodities Ltd., in Hartlepool, U.K., on Thursday, June 14, 2018. Steel and aluminum�tariffs�imposed by the U.S. in March may already be filtering through to prices charged by American producers of the metals. Photographer: Chris Ratcliffe/Bloomberg via Getty Images
Identification stencils hang above steel pipes at the SAW Pipe Mills, operated by Liberty Commodities Ltd., in Hartlepool, U.K., on Thursday, June 14, 2018. Steel and aluminum�tariffs�imposed by the U.S. in March may already be filtering through to prices charged by American producers of the metals. Photographer: Chris Ratcliffe/Bloomberg via Getty Images
Sheet steel sits stacked in the store room at the SAW Pipe Mills, operated by Liberty Commodities Ltd., in Hartlepool, U.K., on Thursday, June 14, 2018. Steel and aluminum�tariffs�imposed by the U.S. in March may already be filtering through to prices charged by American producers of the metals. Photographer: Chris Ratcliffe/Bloomberg via Getty Images
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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.

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