President Donald Trump signed an executive memorandum on Thursday that would impose about $60 billion in retaliatory tariffs on Chinese imports.

“This is the first of many” trade actions, Trump said as he signed the memo.

The new measures are designed to penalize China for trade practices that the Trump administration says involve stealing American companies’ intellectual property. They will primarily target certain products in the technology sector where China holds an advantage over the U.S.

The new measures follow a so-called 301 investigation led by U.S. Trade Representative Robert Lighthizer into China’s potentially unfair trade practices with the U.S.

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