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Citing people familiar with talks, Bloomberg claimed that the Trump administration plans to introduce the next wave of tariffs on $257 billion worth of Chinese goods if  negotiations next month between presidents Donald Trump and Xi Jinping fail to ease the trade war.

“The (tariff) list would apply to the imports from the Asian nation that aren’t already covered by previous rounds of tariffs — which may be $257 billion using last year’s import figures, according to two of the people,” Bloomberg wrote.

With the initial market reaction, Wall Street came under a heavy selling pressure and Nasdaq was last seen down 1.26% on the day while the DJIA and the S&P 500 indexes were losing 0.25% 0.05%, respectively.