Trump levies tariffs against China

WASHINGTON—President Donald Trump slapped new tariffs on Chinese imports Thursday, decrying the trade deficit between the two countries and China’s theft of U.S. intellectual property. The tariffs come after an investigation launched in August determined China stole American technology and pressured U.S. companies to hand over information, slowing U.S. innovation and costing the economy billions of dollars. Trump said the tariffs—worth $50 billion—are the first of many actions planned to level the playing field with China. He instructed the Office of the U.S. Trade Representative and the Treasury Department to continue to review the U.S. relationship with China. The president said he considers China a friend and often speaks with the nation’s leaders but insisted China’s treatment of the United States is unacceptable. He called the $375 billion trade imbalance “the largest deficit of any country in the history of our world,” adding, “The word is reciprocal, that’s the word I want everyone to remember. If they charge us, we charge them the same thing.” The president said he’s requested that China reduce the trade deficit by $100 billion immediately.