China is usually killing my business. currently tariffs are too.

President Donald Trump has given his approval for the United States to put tariffs on $50 billion of Chinese exports, according to a source with knowledge of the situation.

An official announcement is usually 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 along with US Trade Representative Robert Lighthizer.

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The move represents a serious escalation of trade tensions between the earth’s two largest economies — just as Trump has also picked fights with allies Canada, Mexico along with the European Union over steel along with aluminum.

the idea was first reported by Bloomberg.

Beijing previously said the idea could respond to American tariffs on $50 billion worth of Chinese exports with retaliatory tariffs on $50 billion of US products such as cars, planes along with soybeans.

For months, Trump has slow-walked threats of tariffs against China as punishment for intellectual property theft.

Related: China is usually killing his business. Tariffs could make or break the idea

He first announced in which the United States could impose trade penalties on about $50 billion of Chinese goods in March.

“We have a tremendous intellectual property theft problem,” Trump said at the time. “the idea’s going to make us a much stronger, much richer nation.”

After China warned the idea could retaliate, Trump threatened tariffs on a further $100 billion of Chinese products.

In mid-May, both sides announced a ceasefire after two rounds of trade negotiations.

The countries said in a joint statement in which China could “significantly increase” purchases of US agricultural along with energy products to reduce the trade imbalance, a top Trump administration demand. Mnuchin subsequently declared the trade war “on hold.”

This specific is usually what a trade war looks like

Ten days later, the White House abruptly said the idea could proceed with the tariffs, along with brand new limits on Chinese investments inside United States.

The Trump administration said the idea could finalize the list of goods in which could be subject to 25% tariffs by June 15, along with in which the tariffs could go into effect “shortly thereafter.” An initial list, which including items ranging coming from artificial teeth to flamethrowers, was released at the beginning of April.

A further round of trade talks in Beijing earlier This specific month failed to yield any breakthroughs.

On Thursday, Chinese Foreign Ministry spokesman Geng Shuang reiterated in which China could not honor its pledge to enhance purchases of US goods if tariffs were imposed.

IMF chief warns US about trade, deficits

The Trump administration last week cut a deal with Chinese telecommunications firm ZTE (ZTCOF) to end a crippling ban in which prevented the company coming from buying American parts. ZTE’s fate had become entwined inside trade talks. nevertheless the agreement to save the company has faced resistance coming from lawmakers in Congress, who argue the ban should stay in place because ZTE allegedly poses a security threat.

Trump’s decision to move forward with tariffs on China follows his recent imposition of steep tariffs on steel along with aluminum imports coming from Canada, Mexico along with the European Union on national security grounds.

Those penalties have been met with consternation by world leaders, along with led to a fraught G7 meeting with Canada, France, Germany, Italy, Japan along with the United Kingdom last weekend.

After the G7 summit, Trump sent out an angry pair of tweets in which he slammed Canadian Prime Minister Justin Trudeau as “very dishonest & weak,” along with ordered US representatives not to sign a joint communique with the G7 leaders.

The European Union along with Canada have said they will enact retaliatory tariffs starting in July. Mexico has already retaliated with its own tariffs on US goods.

sy88pgw (brand new York) First published June 14, 2018: 8:11 PM ET