UPDATE 1-Trade jitters send European shares to two-week low

* STOXX 600 down 0.8 pct to 2-week low

* Tech biggest faller as U.S. tariffs on China loom

* Banks also suffer declines after less hawkish Fed

* Reckitt gains after pulling out of Pfizer bid race(Updates prices, adds quotes, detail)

By Helen Reid

LONDON, March 22 (Reuters) - Concerns around trade sentEuropean shares tumbling to a two-week low on Thursday as theUnited States prepared to announce hefty tariffs on Chineseimports, with tech stocks and banks the worst-performing.

U.S. President Donald Trump is expected to sign apresidential memorandum on tariffs targeting $60 billion ofChinese imports, at 1630 GMT.

Investors were also eyeing a European Council meeting, withthe European Union aiming to secure an exemption from U.S.tariffs on steel and aluminium imports set to come into force onFriday.

The pan-European STOXX 600 index fell 0.8 percentto its lowest level since March 7, while Germany's exporter- andindustrials-heavy DAX fell 1 percent.

Tech stocks were the worst hit, down 1.4 percent astariffs on China were expected to target the high-tech sector.

Chipmakers ams, STMicro, and Infineon, which have led the recent tech stock rally and arefirmly embedded in international supply chains, all fell.

Also anxiously awaited was the Bank of England’s policymeeting, where policymakers' language would be dissected afterthe U.S. Fed surprised with less hawkish rate guidance.

Bank stocks, which benefit from a stronger pace ofrate hikes, slipped 1.1 percent, with HSBC, INGand UBS among top fallers.

Deal developments and earnings continued to drive Europeanstock moves.

Reckitt Benckiser shares shone, jumping 6 percentafter the British consumer products firm pulled out of thebidding for Pfizer's consumer health unit.

The move reflected relief in the market that Reckitt wouldavoid over-levering or issuing shares for the acquisition.

GlaxoSmithKline, now seen as having a better chanceof buying the Pfizer business, declined 1 percent.

Disappointing 2017 results sent United Internetshares down 8 percent, the worst-performing tech stock.Subsidiary Drillisch fell 10.8 percent.

Also in tech, Ingenico suffered a 3 percent lossafter Kepler Cheuvreux downgraded it, saying full-year guidancenow looked "challenging".

Tech and engineering consultancy Altran fell 3.1percent after launching a share capital increase of 750 millioneuros.

The world’s no.2 cement maker Heidelberg Cementfell 1.7 percent, one of the worst declines on the DAX, after itannounced a dividend slightly short of analysts’ averageexpectations.

Deutsche Bank declined 2 percent, still weakafter sharp losses in the previous session when the bank'sfinance chief said a strong euro and higher funding costs wouldhave a 450 million euro impact on revenues.

Commerzbank tumbled 3.3 percent after a downgradefrom Kepler Cheuvreux.

"We expect the bank to need a full +100 basis point ratesincrease in 2019 to reach its >6% return on total equity targetas the revenue picture of the corporate client business issorely disappointing," wrote Kepler Cheuvreux analyst TobiasLukesch.

Shares in Svenska Handelsbanken fell 9.4 percentas it traded ex-dividend.

Bayer fell 1.5 percent after Australian and EUregulators approved the firm's takeover of Monsanto. "Halfwaythere," wrote UBS analysts, adding all eyes were now on the U.S.Department of Justice, yet to approve the deal.

Overall, with results season drawing to a close, analystswere becoming more negative on the earnings outlook for Europeanstocks.

(Reporting by Helen Reid, Editing by Kit Rees and RichardBalmforth)