Breaking news out of D.C. where President Donald Trump just announced new tariffs on China in response to China implementing tariffs of its own on $75 billion worth of American goods:

BEIJING (AP) — China announces tariff hike on $75 billion of US goods in retaliation for Trump's Sept. 1 increase. — Zeke Miller (@ZekeJMiller) August 23, 2019

From the president:

For many years China (and many other countries) has been taking advantage of the United States on Trade, Intellectual Property Theft, and much more. Our Country has been losing HUNDREDS OF BILLIONS OF DOLLARS a year to China, with no end in sight…. — Donald J. Trump (@realDonaldTrump) August 23, 2019

….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…. — Donald J. Trump (@realDonaldTrump) August 23, 2019

…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%… — Donald J. Trump (@realDonaldTrump) August 23, 2019

…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! — Donald J. Trump (@realDonaldTrump) August 23, 2019

It’s not yet clear how this affects Trump’s earlier announcement that tariff increase would be delayed to protect retailers at Christmas:

What about the December 15 tariffs that were meant to save Christmas? https://t.co/jVVTxTaGzr — Alan Rappeport (@arappeport) August 23, 2019

Earlier Friday, the Dow Industrial Average fell over 600 points over the increased tension between America and China: