Trump OKs tariffs on $50 billion in Chinese products: report

Trump OKs tariffs on $50 billion in Chinese products: report
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President TrumpDonald John Trump20 weeks out from midterms, Dems and GOP brace for surprises Sessions responds to Nazi comparisons: 'They were keeping the Jews from leaving' Kim Jong Un to visit Beijing this week MORE has signed off on tariffs applying to $50 billion in Chinese products, Bloomberg reported Thursday.

The Trump administration is working on an updated list of Chinese goods that will be hit with tariffs, and is expected to release a refined list on Friday, according to the Bloomberg report. 

An initial list released in April targeted about 1,300 Chinese products worth about $50 billion that could be hit with duties.

Reuters reported earlier on Thursday that the new list will go after 800 product categories.

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Beijing has warned that it is prepared to impose retaliatory tariffs if Trump follows through on his threats. 

The anticipated move comes days after Trump held a historic summit with North Korean leader Kim Jong Un in Singapore. China is North Korea's only major ally and trading partner. 

But according to Reuters, Trump no longer believes it is necessary to ease up on trade demands from China, because he now has a direct line of communication with Pyongyang.

Trump angered key U.S. allies late last month when he moved to impose tariffs on steel and aluminum imports from the European Union, Canada and Mexico. Those tariffs were at the center of a feud between the U.S. president and several other foreign leaders at the Group of Seven Summit in Canada last week.