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Trump hits China: President Trump socked China with up to $60 billion in proposed trade tariffs, investment restrictions and plans for a formal complaint to the World Trade Organization, drawing immediate threats of retaliation from Beijing and sending the stock market into an epic nosedive Thursday over fears that the globe’s two biggest economies were heading for a trade war.

Following though on the tough talk on trade that helped put him in the White House, Mr. Trump said the U.S. was finally cracking down on decades of unfair trade practices and theft of intellectual property. U.S. officials say these Chinese practices contributed to bilateral trade deficits for the U.S. of hundreds of billions of dollars annually.

“We are doing things for this country that should have been done for many, many years,” the president said as he signed an order for tariffs and other get-tough measures on China.

In comments that unnerved investors, Mr. Trump added, “This is the first of many.”

The tariffs instruct the Commerce Department to target Chinese information technology, consumer electronics and telecoms, imposing import costs of $50 billion to $60 billion that roughly equal the value of U.S. technology lost to China because of the country’s onerous trade rules. Read more

Read also: McMaster to Resign as National Security Adviser, and Will Be Replaced by John Bolton

Trump hits China: President Trump socked China with up to $60 billion in proposed trade tariffs, investment restrictions and plans for a formal complaint to the World Trade Organization, drawing immediate threats of retaliation from Beijing and sending the stock market into an epic nosedive Thursday over fears that the globe’s two biggest economies were heading for a trade war.

Following though on the tough talk on trade that helped put him in the White House, Mr. Trump said the U.S. was finally cracking down on decades of unfair trade practices and theft of intellectual property. U.S. officials say these Chinese practices contributed to bilateral trade deficits for the U.S. of hundreds of billions of dollars annually.

“We are doing things for this country that should have been done for many, many years,” the president said as he signed an order for tariffs and other get-tough measures on China.