China urges U.S. away from 'brink' as Trump picks trade weapons

BEIJING/SHANGHAI (Reuters) - China urged the United States on Friday to "pull back from the brink" as President Donald Trump's plans for tariffs on up to $60 billion in Chinese goods moved the world's two largest economies closer to a trade war. The escalating tensions sent shivers through financial markets as investors foresaw dire consequences for the global economy if trade barriers start going up Trump is planning to impose the tariffs for what he says is misappropriation of U.S. intellectual property. A probe was launched last year under Section 301 of the 1974 U.S. Trade Act.