Trump announces that tariffs on Chinese goods will increase

President Donald Trump hit back at China Friday for its new tariffs on U.S. products by increasing American levies on Chinese goods. On Twitter Trump said 25% tariffs on $250 billion in Chinese products would rise to 30% starting Oct. 1. Separately, the remaining $300 billion in imports will be tariffed at 15% instead of 10% on Sept. 1. The trade brawl with China sent stocks reeling on Friday, with the Dow Jones Industrial Average dropping more than 600 points.

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