China is expected to match the move with a 25% levy on US goods to the same value on the same day.

The tariffs would mark a significant escalation in the trade dispute between the world's two biggest economies.

The row has caused turbulence on the world's stock markets and could hurt global trade and growth.

• How a US-China trade war could hurt us all
• Trade row: What has happened so far?

What is happening on Friday?

President Donald Trump has ordered the US to impose tariffs on $50bn worth of Chinese goods - and China has said it will retaliate in kind.

The first round of these tariffs are due to take effect on Friday. Businesses will have to pay 25% additional tax on $34bn of certain Chinese products they import - including aircraft tyres and commercial dishwashers.

China will also start collecting a 25% levy on $34bn of US goods such as agricultural products and cars.

Ahead of the planned tariffs, China said that the "US is opening fire on the entire world, including itself".