WASHINGTON/BEIJING -- In a sharp escalation of the trade war, U.S. President Donald Trump said he will raise the tariff rate on both existing and planned levies on Chinese goods.
In a Friday afternoon tweet, after the U.S. stock market closed, Trump said that the existing 25% on $250 billion worth of goods will be hiked to 30% as of Oct. 1. The planned 10% tariff on the remaining $300 billion in goods will instead be 15%, he added.
