KEY POINTS
  • President Trump wanted to double tariff rates on Chinese goods last month after Beijing's latest retaliation in the trade war before settling on a smaller increase, three sources tell CNBC.
  • Trump was outraged after he learned Aug. 23 that China had formalized plans to slap duties on $75 billion in U.S. products in response to new tariffs from Washington on Sept. 1.
  • Treasury Secretary Steven Mnuchin and U.S. Trade Representative Robert Lighthizer then enlisted multiple CEOs to call Trump and warn him about the impact such a move would have on the stock market and the economy.
President Donald Trump awaits the arrival of Qatar's Emir Sheikh Tamim bin Hamad Al-Thani at the White House in Washington, July 9, 2019.

President Donald Trump wanted to double tariff rates on Chinese goods last month after Beijing's latest retaliation in a boiling trade war before settling on a smaller increase, three sources told CNBC.

The president was outraged after he learned Aug. 23 that China had formalized plans to slap duties on $75 billion in U.S. products in response to new tariffs from Washington on Sept. 1. His initial reaction, communicated to aides on a White House trade call held that day, was to suggest doubling existing tariffs, according to three people briefed on the matter.