Tensions stemming from the U.S.-China trade war escalated sharply over the last few days, with much happening as Asian markets were shut down for the weekend.

Before U.S. stock markets open, China's Ministry of Finance announces on its website that it will apply new tariffs of between 5% and 10% on $75 billion worth of goods from the United States.

The move is a response to the U.S. government's announcement on Aug. 1 that it is adding a 10% tariff to $300 billion worth of Chinese goods. Washington eventually delays some of those tariffs, saying they will be implemented in two tranches: on Sept. 1 and Dec. 15.

The bulk of the Chinese tariffs will take effect on Sept. 1, while the rest of the duties will be implemented Dec. 15.

The tariff increases cover U.S. goods such as peanut butter, raisins, skateboards, life jackets, old clothes and treadmills.

At least some of the items were previously mentioned in tariff lists released in May.

Also on Friday, the Chinese Ministry of Finance announces that a 25% tariff on U.S. automobiles and auto parts will be reinstated Dec. 15. The tariffs were suspended this year in the wake of the meeting between Chinese President Xi Jinping and U.S. President Donald Trump in Argentina at the end of 2018.

As an annual meeting of central bankers in Jackson Hole, Wyoming, wraps up, Trump tweets: 'Who is our bigger enemy,' Fed Chairman Powell or Chinese President Xi?

Trump then tweets that U.S. companies are "ordered" to immediately start looking for an alternative to China.

"Our Country has lost, stupidly, Trillions of Dollars with China over many years. They have stolen our Intellectual Property at a rate of Hundreds of Billions of Dollars a year, & they want to continue. I won't let that happen! We don't need China and, frankly, would be far better off without them. The vast amounts of money made and stolen by China from the United States, year after year, for decades, will and must STOP."

"Our great American companies are hereby ordered to immediately start looking for an alternative to China, including bringing your companies HOME and making your products in the USA."

"I will be responding to China's Tariffs this afternoon. This is a GREAT opportunity for the United States."