China Announces New Tariffs, President Trump Responds, The Markets Plunge

The US-China trade war ratcheted up yet again on Friday, with Beijing unveiling a new round of retaliatory tariffs on about $75 billion worth of U.S. goods.

China will place additional tariffs of 5% or 10% on US imports starting on September 1st, according to a statement posted by China’s Finance Ministry.
Meanwhile, President Trump has responded by increasing tariffs on $550 billion dollars worth of Chinese goods.
As the trade war escalates, the markets have plunged. On Friday the three major indices dropped between 2 and 3 percent.