March 22, 2018 / 5:09 PM / 6 months ago

Trump initiates trade action against China

WASHINGTON (Reuters) - U.S. President Donald Trump initiated a trade action against China on Thursday, saying the U.S. 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.”

(This version of the story was refiled to fix day of week in first paragraph)

Reporting by David Lawder,; Writing by David Alexander

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