President Donald Trump is planning to launch as much as $60 billion in tariffs against China.

The new tariffs will be a response from the United States to China’s intellectual property theft, according to the report from Bloomberg News.

The president continues to signal aggressive trade actions in response to the growing trade deficit with China.

“[W]e have a trade deficit with China of $500 billion a year,” Trump said during a political rally in Pennsylvania. “It’s no good. But we are changing it.”

China signaled concern about Trump’s proposed tariffs, warning of a trade war.

“No one will emerge a winner from a trade war,” China’s premier Li Keqiang said. “What we hope is for us to act rationally instead of being led by emotions.”