Trump made the announcement Friday evening via Twitter, about an hour after the New York Stock Exchange closed for the day. The Dow Jones Industrial Average had already collapsed 623 points by the closing bell.
"For many years China (and many other countries) has been taking advantage of the United States on Trade, Intellectual Property Theft, and much more," Trump tweeted. "Our Country has been losing HUNDREDS OF BILLIONS OF DOLLARS a year to China, with no end in sight. Sadly, past Administrations have allowed China to get so far ahead of Fair and Balanced Trade that it has become a great burden to the American Taxpayer."
"As President, I can no longer allow this to happen! 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 (politically motivated!). Starting on October 1st, the 250 BILLION DOLLARS of goods and products from China, currently being taxed at 25%, will be taxed at 30%. Additionally, the remaining 300 BILLION DOLLARS of goods and products from China, that was being taxed from September 1st at 10%, will now be taxed at 15%."
"Thank you for your attention to this matter!" the president wrote.