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Recode Daily: Trump orders tariffs on $60 billion of Chinese-made goods — mostly tech products

Plus, Jack Dorsey predicts that bitcoin will become the world’s universal currency; Dropbox goes public today at $21 per share; delete these apps and return to a simpler way of life.

President Donald Trump holds up a signed presidential memorandum aimed at what he calls Chinese economic aggression in the Roosevelt Room at the White House on March 22, 2018, in Washington, D.C.
President Donald Trump holds up a signed presidential memorandum aimed at what he calls Chinese economic aggression in the Roosevelt Room at the White House on March 22, 2018, in Washington, D.C.
Mark Wilson / Getty Images

Trump is aiming at China, with plan to impose tariffs on about $60 billion worth of Chinese-made goods. The proposed list of some 1,300 products, which will be released within two weeks, will mostly focus on tech, and would effectively block the Chinese imports from entering the U.S. Trump also appointed John Bolton, a China hawk, as his new national security adviser. Wall Street is jittery: The Dow closed down more than 700 points. [Adam Behsudi / Politico]

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Dropbox IPOs today on Nasdaq under the trading name DBX at an above-expectations $21 per share. Dropbox, which waited a decade to go public, will have an initial maket cap of $8.3 billion — significantly less than the company’s last private valuation of $10 billion. How the company fares in its first few quarters should give some indication on how highly valued private tech companies can fare on public markets in 2018. Here’s how Dropbox’s biggest backer — venture capital firm Sequoia — positioned itself to earn between $2 billion and $3 billion on its initial investment. [Theodore Schleifer / Recode]

Twitter and Square CEO Jack Dorsey predicted that bitcoin will become the universal world currency in about 10 years. Square now allows the buying and selling of bitcoin on its payment app. Bitcoin is now trading around $9,000, down from the peak of $20,000 it hit on some exchanges in December. [Lucinda Shen / Fortune]

The music business had its second consecutive year of growth — thanks to streaming. Flat used to be the new up for the music labels. Now they’re up for real — sales increased 14 percent to $8.7 billion last year. The industry’s significant leap in revenue is due entirely to streaming services like Spotify and Apple Music, which are more than balancing the decline in CD sales and download sales. [Peter Kafka and Rani Molla / Recode]

David Scott’s gun-loving friends were kicked off Facebook. So he started Gunbook. The British gun enthusiast started his version of the site three weeks ago, and says the “social network for shooters” already has more than 1,000 members, around 60 of whom are from the U.S. Facebook has banned all advertisements for guns; YouTube announced this week that it will ban videos promoting the sale or manufacture of firearms. [Emily Dugan and Mark Di Stefano / BuzzFeed News]

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This article originally appeared on Recode.net.