President Donald Trump wants to move forward with tariffs on another $200 billion worth of Chinese imports to the US, according to a new report.

The move would be a massive escalation of the trade war with China — over 50% of Chinese imports would be subject to tariffs.

US stock indexes fell following the news.

President Donald Trump is ready to take the trade war with China to the next level, according to a new report.

Bloomberg reported Thursday that Trump had told aides that he wants to follow through on a threat to impose tariffs on another $200 billion worth of Chinese goods as early as next week. That would mean more than half of all Chinese imports would be subject to tariffs.

The tariffs could go into effect after the public-comment period ends on September 6.

According to the report, the move is not a done deal and the administration could impose the tariffs in installments to lessen the impact. Economists have warned that substantially ramping up the trade war would increase costs for US businesses and harm American companies.

The list of goods that would get hit with the tariffs is still being finalized, but the initial list showed a pronounced shift in Trump's trade-war strategy. It included many consumer goods, such as fabrics and hats, while previous tariffs have focused mostly on industrial goods like machinery.

When Trump announced the possibility of the tariffs on $200 billion worth of Chinese goods, Beijing responded by threatening tariffs on $60 billion worth of US goods. If those measures go forward, almost all US goods heading to China would be subject to tariffs.

Following the report, US stock indexes slid, with the Dow Jones industrial average off by 143 points, or 0.55%, as of 2:25 p.m. ET.

Here's a timeline of the US-China trade war so far: