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Trump said he would raise tariffs on goods currently being taxed from 25% to 30%. (Photo by Chip ... [+]
Topline: The trade war between the U.S. and China escalated on Friday after President Donald Trump said he would raise tariffs on goods already subjected to the taxes from 25% to 30%. Additionally, he said he would increase a new round of tariffs set to take effect on Sept. 1 from 10% to 15%.
- In a series of tweets, Trump expressed anger toward China, which earlier on Friday placed tariffs on $75 billion of American goods and cars.
- The existing tariffs will be raised to 30% on Oct. 1, Trump said.
- Markets had already fallen sharply Friday as investors contended with recession fears and Trump's remarks that American companies find an alternative to China.
