Trump slaps China with tariffs on up to $60 billion in imports
U.S. President Donald Trump signed an executive memorandum on Thursday that would impose retaliatory tariffs on up to $60 billion in Chinese imports, CNBC reports.
"This is the first of many" trade actions, Trump said as he signed the memo.
The new measures are designed to penalize China for trade practices that the Trump administration says involve stealing American companies' intellectual property. They will primarily target certain products in the technology sector where China holds an advantage over the U.S.
The new measures follow a so-called 301 investigation led by U.S. Trade Representative Robert Lighthizer into China's potentially unfair trade practices with the U.S. Lighthizer's office will publish a list of targeted products in 15 days, and there will be a 30-day period for public comment, according to senior administration officials.
The U.S. Trade Representative's yet-to-be-released report covers 1,300 product lines, the administration officials said.