Earlier Friday, China made an announcement that it will impose an additional 5% to 10% tariff rates to $75 billion worth of U.S. goods.
President Donald Trump later tweeted that the U.S. was "better-off" without China. He also claims he made an order to carriers such as FedEx (NYSE: FDX), UPS (NYSE: UPS), Amazon.com (NASDAQ: AMZN) and the U.S. Postal Service:
....all deliveries of Fentanyl from China (or anywhere else!). Fentanyl kills 100,000 Americans a year. President Xi said this would stop - it didn’t. Our Economy, because of our gains in the last 2 1/2 years, is MUCH larger than that of China. We will keep it that way!
— Donald J. Trump (@realDonaldTrump) August 23, 2019
Trump said he will be responding to the additional tariffs later Friday afternoon.
The Dow Jones Industrial Average was down more than 420 points at time of publication.
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