President Donald Trump sharply escalated trade tensions with China late Monday, announcing plans for an additional $200 billion in tariffs on Chinese imports, and threatening another $200 billion in tariffs on top of that. In a statement, Trump said he has ordered the U.S. Trade Representative to identify $200 billion in Chinese goods that will face additional 10% tariffs. The new tariffs are a tit-for-tat measure in response to China's retaliatory tariffs announced after the $50 billion in tariffs that the U.S. put into effect Friday. The $200 billion in new tariffs will go into effect if China does not drop its retaliatory measure, Trump said. Trump also said that if China responds in kind, "we will meet that action by pursing additional tariffs on another $200 billion of goods."