Stocks nosedive as Trump, China escalate trade tensions

President Trump said Friday he will beef up existing and planned tariffs on billions of dollars of Chinese goods, in the latest escalation of an increasingly bitter trade war that has rattled global markets.
Mr. Trump said $250 billion worth of Chinese imports being taxed at 25% instead will face a 30% levy as of Oct. 1, while a remaining $300 billion in goods will be taxed at 15% — instead of 10% — when they take effect Sept. 1.