President Trump announces new retaliatory tariffs on China

WASHINGTON (AP) —President Donald Trump says products coming from China that were slated to be hit with a 10% tariff on Sept. 1 will now face a 15% tariff.

Trump also says goods and products currently being taxed at 25% will be taxed at 30% starting Oct. 1.

Trump’s comments come after China said it would pursue new tariffs of 5% and 10% on $75 billion of U.S. products.

The tariffs would take place in two steps, just as the U.S. said it would do earlier this month in imposing 10% tariffs on $300 billion of Chinese goods.

The rising tensions between the world’s two biggest economies unnerved investors already on edge Friday.

The Dow Jones Industrial Average dropped 623 points Friday as companies and business groups urged the two countries to get to the negotiating table.

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