US President Donald Trump has approved a plan to impose punishing tariffs on tens of billions of dollars of Chinese goods as early as Friday, a move that could trigger a trade war with China.
Trump met on Thursday several Cabinet members and trade advisers and was expected to impose tariffs on at least $35bn to $40bn of Chinese imports, according to an industry official and an administration official familiar with the plans.
The amount of goods could reach $55bn, said the industry official. The officials spoke on condition of anonymity in order to discuss the matter ahead of a formal announcement.
On the brink of a global trade war?
Trump has long vowed to fulfill his campaign pledge to clamp down on what he considers unfair Chinese trading practices.
If the president presses forward as expected, it could set the stage for a series of trade actions against China and lead to retaliation from Beijing.