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Trump orders $60bn in tariffs on China for stealing US technology Trump orders $60bn in tariffs on China for stealing US technology
(35 minutes later)
Donald Trump has ordered $60bn in new tariffs on Chinese imports, with earlier reports suggesting $50bn, in a move aimed at preventing the theft of US technology. Donald Trump has ordered $60bn in new tariffs on Chinese imports, with earlier reports suggesting $50bn, in a move aimed at preventing the theft of US technology. 
The President's action is likely to trigger retaliation by Beijing and could further stoke fears of a global trade war.  The President’s action is likely to trigger retaliation by Beijing and could further stoke fears of a global trade war. 
Just before signing the order, Mr Trump said it was “the first of many”.Just before signing the order, Mr Trump said it was “the first of many”.
In remarks at the White House's signing ceremony, Mr Trump again lamented over "unfair" trade deals and the US's trade deficits with other countries.  In remarks at the White House’s signing ceremony, Mr Trump again lamented over “unfair” trade deals and the US’s trade deficits with other countries. 
He said he had asked China, which he called "a friend", to immediately reduce its trade surplus with America by $100bn.  He said he had asked China, which he called “a friend”, to immediately reduce its trade surplus with America by $100bn. 
The President also slammed the World Trade Organization, saying it has been a disaster for the US and arbitration has been very unfair.  The action was made under Section 301 of the 1974 Trade Act, which gives Mr Trump broad authority to respond to a foreign country’s unfair trade practices. An investigation identified theft from and coercion of US companies to disclose their intellectual property as well as purchases by Chinese state funds of American companies for their technology knowledge.
More follows... During his remarks, the President also slammed the World Trade Organization, saying it has been a disaster for the US and arbitration has been very unfair. 
Mr Trump’s announcement came two weeks after he imposed sweeping new tariffs on steel and aluminium imports, trade penalties also aimed at China for flooding the world with cheap metals. Since his announcement of those tariffs, allies have been willing to renegotiate trade barriers, the President said. 
The EU, Australia, Argentina, Brazil and South Korea are among the nations that will get an initial exemption from the looming steel and aluminium tariffs, said US Trade Representative Robert Lighthizer.
There are countries involved in various stages of trade talks with the US, and Mr Trump decided “to pause the imposition of tariffs with respect to those countries,” Mr Lighthizer told the Senate Finance Committee. Canada and Mexico will also be initially exempt from the tariffs that will go into effect on Friday.