President Donald Trump announced in a statement on Monday that his administration intends to place tariffs on an additional $200 billion worth of Chinese goods.

The newest round of tariffs are set to take effect on September 24th of this year and will be set at 10% until the beginning of 2019. “On January 1, the tariffs will rise to 25 percent. Further, if China takes retaliatory action against our farmers or other industries, we will immediately pursue phase three, which is tariffs on approximately $267 billion of additional imports,” the statement says.

The statement went on to cite “numerous unfair policies relating to U.S. technology and intellectual property” as justification for the newest round of tariffs. Trump claims these practices “constitute a grave threat to the long-term health and prosperity of the United States.”

“As president, it is my duty to protect the interests of working men and women, farmers, ranchers, businesses, and our country itself,” the White House statement concludes.

NEW statement from @POTUS: “Today….I directed the United States Trade Representative (USTR) to proceed with placing additional tariffs on roughly $200 billion of imports from China.” pic.twitter.com/ExP7VdLHQA — Saagar Enjeti (@esaagar) September 17, 2018

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