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Trump said the US would increase tariffs from 25 percent to 30 percent on $ 250 billion worth of goods already taxed as of Oct. 1.
"China should not have put new tariffs on $ 75 billion worth of US products (for political reasons!)," Trump said on Twitter.
The intensification of the fight angered investors, forcing the Dow to lose more than 700 points at worst, closing down 2.4%, or 623 points.
The US Bureau of Trade Representatives, which acts as the country's leading trade negotiator, said it would "start the process of increasing the duty rate to 30% as of October 1, at the same time." following a period of notice and comments ".
"We do not need China and, frankly, it would be much better without them," tweeted Trump. "We are ordering our big companies to immediately start looking for an alternative to China, including bringing your business back home."
China's trade experts said the move would only aggravate the stalemate between Washington and Beijing.
"Everyone knew it was going to happen," said Craig Allen, president of the US-China Business Council. "There was no doubt that it was coming in. The answer is surprising and disappointing."
Trump has again attacked Federal Reserve Chairman Jerome Powell about interest rates, insisting they are too high, even after a rate cut last month.
"My only question is: who is our biggest enemy, Jay Powell or President Xi?" the president tweeted referring to Chinese leader Xi Jinping.
CNN's Anneken Tappe contributed to this report.
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