US President Donald Trump announced plans Thursday to levy an additional 10% in tariffs against another $300 billion in Chinese goods starting Sep. 1. In a tweet, Trump said this would not include the $250 billion worth of Chinese goods already tariffed at 25%.
"We thought we had a deal with China three months ago, but sadly, China decided to re-negotiate the deal prior to signing. More recently, China agreed to buy agricultural product from the U.S. in large quantities, but did not do so," Trump tweeted.
Earlier in the week, a US delegation met with Chinese trade officials for the first time since the countries reached a truce at the June G-20 Summit, where China committed to buying more US agricultural exports.
The day's 300-point gain in the Dow Jones Industrial Average was largely erased following the announcement. Similar drops were seen in the Nasdaq Composite and S&P 500, dampening enthusiastic spurred by the first cut to interest rates by the Federal Reserve in over a decade.