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