President Trump announced Friday that current tariffs on China would be increased after China announced retaliatory tariffs earlier in the day. Tariffs on $300 billion of Chinese goods currently taxed at 10 percent would jump to 15 percent starting Sept. 1, and tariffs on a separate $250 billion would upped from 25 percent to 30 percent on Oct. 1, Trump tweeted. China's $75 billion in tariffs announced earlier Friday prompted Trump to tweet that "we don't need China," and then he went on to question "who is our bigger enemy" between Federal Reserve Chair Jerome Powell or China's President Xi Jinping. The attacks sent the Dow Jones Industrial Average tumbling down 623 points for the day, marking it and the other two major indexes' fourth straight weeks of declines.

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