On Friday August 23, 2019, President Trump promised to respond to China after Beijing announced plans to place tariffs on $75 billion of automobiles and other U.S. goods.  Further, Trump "ordered" U.S. companies to stop doing business with China.

U.S. stock markets fell sharply after Trump's tweets on China. The Dow Jones Industrial Average was down more than 400 points.  Both the Dow and the S&P were down about 1.7% in late morning trading.

Friday's announcement marks an escalation in a trade war that has ripped through the world economy and raised fears of a global recession.

The first batch of Chinese tariffs will go into effect Sept. 1, and a second, on automotive and auto parts, is due to go into effect Dec. 15. The tariffs range from 5% to 25%.

Trump tweeted that he "will be responding to China's Tariffs this afternoon."