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President Donald Trump said the administration will have a trade announcement concerning trade with China after the market close.
"You're going to see on China today right after close of business, we'll be announcing something. It will be a lot of money coming into the coffers of the United States," Trump said at the White House Monday. "You will be seeing what we're doing right ... [after] market's closing."
The S&P 500 closed down 0.55 percent near its lows of the trading session after the report.
Earlier on Monday, White House economic advisor Larry Kudlow said Trump has "not been satisfied" with the trade talks with China and confirmed the administration was readying additional tariffs.
Over the weekend, The Wall Street Journal reported that Trump was set to move ahead with tariffs on $200 billion in Chinese goods. The report followed other news outlets saying that U.S. officials were trying to restart U.S.-China trade talks.