Trade war looms as Trump eyes tariffs on billions in China goods

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, prompting China to threaten an immediate retaliation.

On Thursday, Trump met 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 in the face of a formal announcement.