Trump initiates trade action against China

President Donald Trump holds his signed memorandum on intellectual property tariffs on high-tech goods from China, at the White House

US President Donald Trump initiated a trade action against China on Thursday saying the US deficit with Beijing was “out of control” at about $504 billion and there was a huge “intellectual property theft situation.”

“It is the largest deficit of any country in the history of our world. It’s out of control,” Trump said before signing a memorandum. “We have a tremendous intellectual property theft situation going on, which likewise is hundreds of billions of dollars.”