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3/22/2018, 6:01 PM (Source: TeleTrader)
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Trump announces $60B anti-China trade measures

President of the United States Donald Trump announced on Thursday new punitive trade measures aimed against China, targeting around $60 billion worth of Chinese imports to the US. Speaking at the White House right before signing the executive memorandum, Trump pointed out that the US trade deficit with China is "out of control," referring to it as the largest trade gap in history. He also mentioned that Chinese intellectual property theft is a "tremendous problem" in trade relations between the two countries, adding that he's already asked Chinese officials to immediately cut the trade gap by $100 billion. At the same time, the president praised China's role in the recent diplomatic breakthrough regarding the North Korean crisis.

Shortly before Trump's address, the White House reportedly stated that the new trade measures would affect $50 billion of Chinese imports, $10 billion less than what the president announced. Also, the office of the US Trade Representative Robert Lighthizer is expected to publish a full list of products that will be targeted by the announced measures in 15 days, while additional 30 days will be left for public discussion before taking effect, according to the White House officials.

Breaking the News / FH