U.S. to hit China with new tariffs on $200 billion in goods

President Trump is expected to announce new tariffs of likely 10% on $200 billion in Chinese goods after final details are ironed out over the weekend, the Wall Street Journal reports, citing people familiar with the matter.

The details: The tariff level expected is well below the initial 25% rate proposed by Trump earlier this year. The president is aiming to keep the level low ahead of midterm elections and holiday shopping season, but could potentially increase the rate at a later date, per WSJ. The announcement comes just before a high-level meeting with Chinese and U.S. officials to discuss trade tensions.