China is escalating the ongoing trade war with the U.S., announcing another $75 billion in tariffs on U.S. products.

The latest round of tariffs, including a 25 percent charge on U.S.-made cars, are retaliation for the recent planned tariff hikes from the White House.

The announcement was immediately felt on Wall Street as U.S. stocks plunged on Friday.

Source: https://www.nytimes.com/2019/08/23/business/stocks-market-tariffs.html