President Trump on Thursday said he'll impose a new 10 percent tariff on $300 billion in Chinese goods beginning in September, prompting the Dow to take a tumble.
Trump on Twitter wrote that U.S. representatives returned from China having had "constructive" talks about a trade deal but that this "small additional tariff" will go into effect next month while negotiations continue. After a hike from Trump in May, about $250 billion in Chinese goods was affected by a 25 percent tariff, and so this "would essentially tax all Chinese products sent into the United States," writes The New York Times.
The Dow Jones Industrial Average fell more than 450 points on Thursday following Trump's tweet announcing the upcoming tariff, per NBC News. The Dow was previously up 300 points, CNN reports.
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More trade talks will take place next month, and CNN's Abby Phillip notes this long lead time before the tariff is to take effect means there's "plenty of time for him to potentially pull back." CNBC's Kayla Tausche similarly notes that Trump is "giving China time to make concessions before September negotiating round to stave them off."
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