Trump announces new tariffs on China, asks for reduced trade deficit - CBS

President Trump signed a memorandum Thursday directing the U.S. Trade Representative to impose an estimated $50 billion in tariffs on China, which will go into effect in at least 45 days.

"We have spoken to China and we are in the midst of a very large negotiation," Mr. Trump said. "We will see where it takes us. In the meantime, we are sending a Section 301 action."

Mr. Trump said he has asked Chinese officials to immediately reduce the U.S. trade deficit with China by $100 billion.

Mr. Trump also made news at the end of the event, when he told reporters he still wants to testify before special counsel Robert Mueller.

"Yes," Mr. Trump said, according to the White House press pool. "I would like to."

The tariffs will target what White House trade adviser Peter Navarro described on a conference call with reporters as China's market distorting and "discriminatory practices" to steal American intellectual property and unfair technology transfers.

Deputy director of the National Economic Council Everett Eissenstat, who was also on the call, said that USTR will publish a "long list" of proposed Chinese imports within 15 days. A notice and comment period will then open up for stakeholder input.

The Treasury department has until 60 days from memorandum's signing to submit recommendations for a final list of tariffs. - Read More

Trump announces new tariffs on China, asks for reduced trade deficit ...

Trump slaps China with tariffs on up to $60 billion in imports - CNBC.com