President Donald Trump is set to announce about $50 billion of tariffs against China over intellectual-property violations on Thursday, opening a new front in an escalating global trade skirmish that is shaking financial markets.

The president is considering targeting more than 100 different types of Chinese goods from shoes to electronics, according to a person familiar with the matter, who spoke on the condition of anonymity. The value of the tariffs was based on U.S. estimates of economic damage caused by intellectual-property theft by China, the person said.

Stocks fell sharply in Europe and the U.S. on Thursday on concerns the American tariffs may provoke a stern Chinese response, with the Dow Jones Industrial Average dropping more than 300 points before recovering.

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