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The US approved tariffs on $50 billion of Chinese goods imports, the US President Donald Trump said in a statement on Friday.

“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.  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,” the statement reads.

According to the statement, the White House may introduce addition tariffs, if China engages in retaliatory measures.

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