U.S.-China trade war leaves auto industry in crosshairs
The U.S. government released two lists of products covered by $50 billion worth of tariffs on Chinese imports, including autos and parts purchased by suppliers for domestic production of automobiles. The 25 percent tariffs, detailed Friday, are an attempt to stop China from forcing foreign companies to transfer technology to joint venture partners, and also an attempt to deter cybertheft of intellectual property by Chinese government and companies. China quickly retaliated with tariffs on 659 U.S. imports, worth $50 billion, including U.S. light vehicles, farm goods and other products. About $34 billion of those tariffs will take effect on July 6, on agricultural products.