FILE PHOTO: Chinese and U.S. flags are set up for a meeting during a visit by U.S. Secretary of Transportation Elaine Chao at China's Ministry of Transport in Beijing, China April 27, 2018. Picture taken April 27, 2018. REUTERS/Jason Lee/File Photo

WASHINGTON (Reuters) - The United States will raise tariffs on $200 billion worth of Chinese imports to 25 percent from 10 percent effective on Friday, according to a notice posted to the Federal Register on Wednesday.

The U.S. Trade Representative’s office will establish a process to seek exclusions for certain products from additional tariffs, the Federal Register notice said.

U.S. President Donald Trump said in a tweet that he would be “very happy with over $100 Billion a year in Tariffs filling U.S. coffers.”

His comments followed a Reuters report that quoted U.S. government and private-sector sources as saying China had backtracked on almost all aspects of a draft trade agreement with the United States.

Global equities tumbled toward five-week lows as the escalating trade fight fed worries about the world economy and investors sought the safety of bonds and the Japanese yen, which hit a six-week high against the U.S. dollar.