Trump said the US will raise tariffs from 25% to 30% on $250 billion in goods that are already being taxed starting October 1.
“China should not have put new Tariffs on 75 BILLION DOLLARS of United States product (politically motivated!),” Trump said on Twitter.
The intensifying fight unnerved investors, sending the Dow dropping more than 700 points at its worst, closing down 2.4%, or 623 points.
The US Trade Representative Office, which acts as the country’s top trade negotiator, said it would “begin the process of increasing the tariff rate to 30% effective October 1 following a notice and comment period.”
“We don’t need China and, frankly, would be far better off without them,” Trump tweeted. “Our great companies are ordered to immediately start looking for an alternative to China, including bringing your companies HOME.”
China trade experts said the moves will only deepen the impasse between Washington and Beijing.
“Everyone knew this was coming,” said Craig Allen, president of the US-China Business Council. “There was no doubt this was coming. The response to it is surprising and disappointing. “
Trump again attacked Federal Reserve Chairman Jerome Powell over interest rates, which Trump insists are too high even after a rate cut last month.
“My only question is, who is our bigger enemy, Jay Powell or Chairman Xi?” the president tweeted referring to Chinese leader Xi Jinping.
CNN’s Anneken Tappe contributed to this report.
more recommended stories
Georgia school seen in photo of a crowded hallway will briefly move to online learning after reporting 9 cases of Covid-19
“As a result of our being.
New severe weather threat in Plains, Midwest this weekend
The heat index in Oklahoma and.
Advisers to President Trump hesitated to give military options and warned adversaries over fears he might start a war
“We used to only think of.
Denying federal aid to state, local governments could put neediest residents at risk
Republicans and Democrats are split over.
See governor's message to critics after testing positive
Gov. Mike DeWine (R-OH) discusses testing.
History made as first African American general leads one of the military services
Gen. Charles Brown is the new.
Arizona was a Covid-19 hot spot a month ago. Here’s how it’s turning things around
Today, that decision appears to have.
Coronavirus updates: US death toll rises for 5th straight week
A pandemic of the novel coronavirus.
Latest news from around the world
Recent storms and IT issues have.
Beirut in crisis after deadly explosion. Here’s how you can help
In the wake of the massive.