Trump planning 25% tariffs on up to $50 billion of Chinese goods

United States President Donald Trump’s administration has announced its plans to impose a 25% tariff on up to $50 billion (€43 billion) in Chinese goods, a decision which was quickly slammed by Beijing, which said it would retaliate.

The announcement comes as trade conflicts between the world’s largest two economies are on the rise.

The measure will affect goods that “contain industrially significant technology,” Trump said on Friday, as he highlighted that the action comes "in light of China's theft of intellectual property and technology and its other unfair trade practices”.

The US President also remarked that the White House could impose further tariffs in the face of any retaliation from China in the form of its own duties on American products.

In turn, China’s Commerce Ministry issue a quick statement, saying that it would “immediately introduce taxation measures of the same scale and the same strength”.

“All the economic and trade achievements previously reached by the two parties will no longer be valid at the same time," CNBC reported Beijing as having said.

Trump decision marks his latest move against what he feels are unfair trade practices by the major trading partners of the US.