Trump signs memorandum calling for tariffs against China

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It urged Washington to negotiate a settlement but set no deadline.

The White House said the planned tariffs were aimed at punishing Beijing for allegedly stealing American technology and pressuring USA companies to hand it over.

"My colleagues in the capital have been preparing those options and this response", he said.

The U.S. decision to introduce restrictive trade measures against China is a "wicked precedent" which contradicts the interests of both sides and presents a clear example of unilateral protectionism, the Chinese Commerce Ministry said on Friday.

As Australian shares tumbled, Prime Minister Malcolm Turnbull played down fears of a full-scale global trade war.

Tokyo's benchmark tumbled by an unusually large 5.1% while the Shanghai Composite Index closed down 3.4%.

The dollar dipped to 104.85 yen as investors shifted into the Japanese currency, which is viewed as a "safe haven" from risk.

The United States has long said that intellectual property theft has cost the US economy billions of dollars in revenue and thousands of jobs. And China has struck back. After his top trade officials said the Sunday before the announcement several weeks ago that there would be no exemptions, Trump gave Canada and Mexico a pass at the signing ceremony.

The report also states that China has made unauthorized intrusion into, and theft from, computer networks of USA companies.

The White House said this found a range of "unfair" practices in China, including restrictions on foreign ownership that pressured foreign companies into transferring technology.

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Alongside Kohli, teammate Cheteshwar Pujara is also expected to extend his stint with Yorkshire at the same time of the year. While it is yet to be ascertained which county Kohli will represent, it could be Surrey in all likelihood.

The US tariffs won't kick in for 60 days, to allow for negotiations - but China appears in no mood to talk.

Lou Jiwei, chairman of the National Council for Social Security Fund, said so far China's response to the Trump administration's tariffs has not hit the U.S.

"I've spoken to the (Chinese) president". -China relations and the global economy are likely to remain in a state of uncertainty over the next 12 to 18 months. Foreign business groups complain Chinese regulators are trying to squeeze them out of promising industries.

In another e-mail interview with Xinhua on Friday, Tim Fox, chief economist of Dubai's biggest banking group Emirates NBD, said these measures by the Trump administration "also expose the USA economy to risks if China retaliates, especially against the US agriculture sector". That leaves Beijing options to take more drastic steps.

The White House says the planned tariffs are aimed at punishing Beijing for allegedly stealing American technology and pressuring USA companies to hand it over.

China's ambassador to the US, Cui Tiankai, said that China would use "all necessary measures" to retaliate.

If imposed as described, the USA tariffs could lead to higher costs for consumers, while China's retaliation would hit key sectors of the U.S. economy including agriculture and aerospace, analysts say.

Many countries, including those of the European Union, warned the White House that they would retaliate forcefully if they were hit with tariffs on metals products.

A senior official in Lighthizer's office said Wednesday that the Clinton, Bush and Obama administrations had attempted over the decades to coax China into respecting market economics and trade liberalisation, but had all failed. The Treasury Department will also propose additional measures. A second list of goods including wine, apples, ethanol and stainless steel pipe would be charged 15 percent, the same margin as Trump's tariff hike on aluminum. The ministry estimates the impact would be around $3 billion, less than one percent of US exports.

Non-Chinese companies, including those based in Taiwan, accounted for more than 40% of China's $2.26 trillion in exports a year ago. Washington reports different figures that put the gap at a record $375.2 billion.