The Dow Jones Industrial Average plunged more than 500 points by noon Thursday ahead of President Trump's announcement of new China-specific tariffs. Trump said the tariffs "could be about $60 billion" and come in response to complaints that Chinese companies "force U.S. companies operating in the country to transfer technology and intellectual property rights to local business partners," CNBC writes.
Supporters of the tariffs, like White House adviser Peter Navarro, argue they combat China's "forced transfer of intellectual property." China has responded by threatening Trump-friendly Farm Belt states with retaliatory tariffs that would target American soybean, sorghum, and live hog exports.
"This is the first of many," Trump vowed as he signed the memorandum. Watch some of the president's comments below. Jeva Lange