Article snippet: MORE on Friday announced he would increase tariffs on more than $500 billion in Chinese goods, marking a new escalation in his trade war with China that has reverberated across the U.S. stock market and global economy. Trump unveiled his retaliatory measures on Twitter after the markets closed, capping a chaotic week throughout which the president vociferously downplayed speculation that a recession could be on the horizon. Both countries have engaged in a series of escalating actions in their trade dispute, with China announcing earlier Friday that it would impose new reciprocal tariffs on $75 billion in U.S. automotive parts, farm products and other goods. Trump, in turn, announced that $250 billion in Chinese goods he had intended to tax at 25 percent starting in September would now be taxed at 30 percent starting on Oct. 1, while another $300 billion in goods being taxed at 10 percent would attract a 15 percent rate. “In the spirit of achieving Fair Trade, we must Balance this very unfair Trading Relationship. China should not have put new Tariffs on 75 BILLION DOLLARS of United States product,” Trump tweeted, writing that he believed Beijing’s tariffs were “politically motivated.” Trump earlier in the week declared he was the “chosen one” to take on China on trade, a remark he said later Friday was made sarcastically. But he triggered a drop in U.S. stock markets and stoked further concerns that the global economy could be headed for a recession after fi... Link to the full article to read more