Article snippet: MORE on Friday announced plans to increase tariffs on hundreds of billions of dollars in Chinese goods in a sweeping response to duties announced by Beijing earlier in the day. Trump tweeted that a 10 percent tariff on $300 billion in Chinese goods set to go into effect on Sept. 1 would increase to 15 percent, and that an additional $250 billion being tariffed at 25 percent will be hit with a 30 percent tariff starting Oct. 1. "China should not have put new Tariffs on 75 BILLION DOLLARS of United States product (politically motivated!)" Trump tweeted. The move marks the latest salvo in Trump's trade war with China, which has dragged on for more than a year with few signs of a resolution in sight. Beijing announced early Friday that it would levy $75 billion in tariffs on American-made goods that include cars and farm products. The latter would likely cause further financial harm to U.S. farmers who have already borne the brunt of the trade war with China. Trump lashed out hours later, calling Chinese President Xi Jinping an "enemy" and tweeting that U.S. companies should seek "an alternative" to doing business in China. The president does not have the authority to dictate the actions of private businesses, but the tweets rattled investors and triggered a mass sell-off on the stock market. The Dow Jones industrial average closed with a loss of 2.4 percent, a 623-point drop, while the Nasdaq composite and S&P 500 ended Friday down 3 percent and 2.6 percent resp... Link to the full article to read more