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President Trump said he would raise tariffs against China on Friday in the aftermath of China's newly announced tariffs and a steep stock market drop.

What's happening: Trump said on Friday that $250 billion worth of goods and products from China would be taxed at 30% instead of 25%, starting Oct. 1, and the remaining $300 billion worth of goods will be taxed at 15%, instead of 10%.

The big picture: China announced earlier on Friday that it would levy retaliatory tariffs ranging from 5% to 10% on $75 billion of U.S. goods in two batches on Sept. 1 and Dec. 15.

  • China also said it plans to spike its tariffs on U.S. automobiles back up to 25% by December, after making progress on the issue during G20 talks between Chinese President Xi Jingping and Trump.

Earlier on Friday, Trump painted Powell and China as the 2 biggest enemies of the U.S. The Dow Jones Industrial Average lost 623 points after Trump's tweets, or 2.37%. The Nasdaq lost 3%, and the S&P 500 was off 2.59%.

Go deeper: Stocks plunge after Trump's trade tweets

Go deeper

Updated 2 hours ago - Sports

Olympics dashboard

Katie Ledecky in Tokyo. Photo: Ding Xu/Xinhua via Getty Images

🚨: Simone Biles won't compete in individual vault or uneven bars

🏊‍♀️: Katie Ledecky wins gold in women's 800m freestyle

🏊: Caeleb Dressel breaks world record in men's 100m butterfly, 3rd gold

🇬🇧: Britain wins gold in first-ever Olympic mixed 4x100m medley relay

💻: Japan tests teleporting games and "remote cheering"

🏳️‍⚧️: Axios at the Olympics: Games grapple with trans athletesTrans athletes see the Tokyo Games as a watershed moment

Go deeper: Full Axios coverage

Updated 2 hours ago - Sports

The Olympic events to watch today

Allyson Felix. Photo: Patrick Smith/Getty Images

5 events to watch today...
  • 🏃‍♀️ 🏃 Track and field: The first-ever mixed 4x400m relay final starts at 8:35 a.m. ET on NBC. Watch the women’s 100m final at 8:50 a.m. ET.
  • 🏐 Women’s beach volleyball: Elimination rounds start at 8 p.m. ET on NBC.
  • 🚲 BMX freestyle finals: Watch USA’s Hannah Roberts go for the gold in the first-ever Olympic women’s freestyle finals at 9:10 p.m. ET on CNBC. Catch the men’s finals at 10:20 p.m. ET.
  • 🏊‍♀️ Swimming finals: Watch Caeleb Dressel go for his fourth gold in the men’s 50m freestyle. Also catch the women’s 50m freestyle, as well as the men’s and women’s the 4x100m medley finals. Coverage starts at 9:30 p.m. ET on NBC.
  • 🏌️ Men’s golf: Round 4 of independent stroke play tees off at 6:30 p.m. ET on the Golf Channel.
Ina Fried, author of Login
3 hours ago - Sports

Axios at the Olympics: Games grapple with trans athletes

Photo illustration: Sarah Grillo/Axios. Photos: Asano Ikko/AFP), Ezra Shaw, and Alex Pantling via Getty Images

TOKYO — After 125 years of having no openly transgender competitors at the Olympics, there are several transgender and nonbinary athletes at this year's Games.

Between the lines: While still small in number, the presence of trans athletes has been a major point of controversy at these Games, coming up repeatedly at IOC press conferences and in newspaper headlines around the world.