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Trump orders $60bn in tariffs on China for stealing US technology Trump unveils $60bn worth of tariffs on China amid fears of trade war
(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 unveiled a plan to impose $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 order 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 trade action, 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.  Under the terms of the memorandum Mr Trump signed, he will target the Chinese imports only after a consultation period, thereby giving industry lobbyists and members of Congress a chance to water down a list of proposed 1,300 products that could be targeted. 
He said he had asked China, which he called “a friend”, to immediately reduce its trade surplus with America by $100bn.  The consultation period will also give China time to respond, reducing the risk of immediate revenge from Beijing. The Chinese government has vowed to take “all necessary measures” to defend the country’s interests if Mr Trump attacks it for allegedly stealing American technology or pressuring US companies to hand it over.
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. “China will not sit idly to see its legitimate rights damaged and must take all necessary measures to resolutely defend its legitimate rights,” the Commerce Ministry in Beijing said in a statement on its website.
Mr Trump struck a conciliatory tone when he first began speaking at the White House’s signing ceremony, calling China “a friend” and saying he had “tremendous respect” for Chinese President Xi Jinping. 
“We have spoken to China and we are in the middle of negotiations,” Mr Trump said, adding that loss of American jobs from unfair trade was one of the main reasons he had been elected as President. 
He again lamented over “unfair” trade deals and the US’s trade deficits with other countries, saying he had asked China to immediately reduce its trade surplus with America by $100bn. 
The US runs a $375bn goods trade deficit with China, although Mr Trump claims it is $504bn. 
The President’s 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.
Ahead of the trade announcement, White House officials said the administration was looking at tariffs on $50bn Chinese goods, a figure based on a calculation of the impact on the profits of US companies that had been forced to hand over their intellectual property as the price of doing business in China, Reuters reported. 
There was no explanation of the difference between the numbers provided by White House officials in the briefing and Trump’s $60bn.
“Many of these areas are those where China has sought to acquire advantage through the unfair acquisition and forced technology transfer from U.S. companies ... establishing its own competitive advantage in an unfair manner,” Everett Eissenstat, deputy director of the National Economic Council, told reporters.
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. 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. 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.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. 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.