US President Donald Trump will impose tariffs on up to $60 billion in Chinese imports to reduce the massive US trade deficit with China and retaliate against the alleged theft of American intellectual property.
Trump signed a presidential memorandum on Thursday that would impose restrictions on Chinese imports and investment in the US, raising fears of a global trade war.
Before signing the measure, Trump blasted America’s multi-hundred billion dollar trade deficit with China and said the new action would be “the first of many.”
“It is the largest deficit of any country in the history of our world. It’s out of control,” Trump said. “We have a tremendous intellectual property theft situation going on, which likewise is hundreds of billions of dollars.”
Trump directed US Trade Representative Robert Lighthizer to identify and publish a proposed list of products that could be subject to tariffs.
The tariffs and investment restrictions will be…