> SUBSCRIBE FOR FREE! 

Today (May 29) , the White House said the administration would proceed with its proposal to impose 25% tariffs on $50 billion worth of goods from China, and place new limits on Chinese investments in U.S. high-tech industries.

CNN Money reported that the decision comes after top administration officials have tried to dampen fears of a trade war.

Treasury Secretary Steven Mnuchin said a trade war with China was “on hold” less than 10 days ago. And Commerce Secretary Wilbur Ross is expected in Beijing on Saturday to help ease trade tensions between the two major trading partners.

Beijing has previously pledged to retaliate against the 25% tariffs.

In a brief statement, the White House said the president plans to take “multiple steps” to protect domestic technology and intellectual property from certain “discriminatory and burdensome trade practices by China.”

The latest step follows a March report by the U.S. Trade Representative Office, which undertook a seven-month investigation of China’s handling of technology transfers and intellectual property, according to the White House’s statement.

For the full story click here.