President Donald Trump has given his approval to proceed with tariffs on $50 billion of Chinese exports, according to a source with knowledge of the situation.
An announcement is expected on Friday. The president’s green light came after a meeting Thursday with top economic officials, including Treasury Secretary Steven Mnuchin, Commerce Secretary Wilbur Ross and US Trade Representative Robert Lighthizer.
The move represents a dramatic escalation of global tensions on trade just as Trump has picked fights with allies Canada, the European Union and Mexico over steel and aluminum.
Beijing previously said it would respond to American tariffs on $50 billion worth of Chinese exports with retaliatory tariffs on $50 billion of US products such as cars, planes and soybeans.
CNNMoney (New York) First published June 14, 2018: 8:11 PM ET