Trump wants to impose tariffs on $200B of China imports next week: Report

President Trump is reportedly looking to move ahead -- as soon as next week -- with planned tariffs on $200 billion worth of Chinese goods.

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Citing six people familiar with the matter, Bloomberg reported on Thursday that the president told aides he is looking to impose the levies after the public comment period ends on Sept. 6.

Markets tumbled on the report, which investors believe could hit major multinational companies and U.S. consumers.

TickerSecurityLastChangeChange %
SP500S&P 5003103.53-4.93-0.16%
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I:COMPNASDAQ COMPOSITE INDEX8507.042804-19.69-0.23%

FOX Business has been reporting that the administration could impose the 25 percent tariffs, which would affect everything from food products to car tires, any time after Sept. 5. But White House sources declined to confirm on Thursday that the president would approve them next week.

Sources told Bloomberg that, while the decision has not been finalized, the tariffs could be imposed in installments, or they could be announced next week and imposed at a later date.

The imposition of a new round of tariffs would escalate a growing trade conflict between the world’s two most powerful economies, which has already seen the exchange of tariffs worth $50 billion on goods originating from each side.

Beijing has promised to enact countermeasures in response to any new increase in tariffs.

Trade talks between the two countries have yet to yield any major breakthroughs. Last week, lower-level officials from both sides met in the U.S., as representatives said they were working to create a pathway toward a resolution by November, when Trump and President Vi Jinping are expected to hold a summit.