(SOUNDBITE) (English) US PRESIDENT DONALD TRUMP SAYING: "We've taxed China on 300 billion dollars worth of goods." U.S. President Donald Trump on Thursday announced that he will impose bruising new tariffs on China, as talks on a possible trade deal bog down.
Trump said he'll slap an additional 10 percent tariff on 300 billion dollars worth of Chinese import starting September 1st.
This is in addition to the earlier 25 percent tariffs placed on some 250 billion dollars of Chinese goods.
(SOUNDBITE) (English) US PRESIDENT DONALD TRUMP SAYING: "So know it's time that we change things around.
If they don't want to trade with us anymore that would be fine with me." The dramatic move comes as the most recent round of talks to ease the trade war between the world's two biggest economics ended in Shanghai when US Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthizer headed back to Washington with no deal in sight and no sign of real progress.
Trump also took direct aim at China's President Xi Jinping, blasting Xi for failing to stop the sale of the opioid Fentanyl to the U.S. (SOUNDBITE) (English) US PRESIDENT DONALD TRUMP SAYING: "It's all coming out of China.
He didn't do that.
We're losing thousands of people to Fentanyl.
And this was time." The Dow experienced its biggest swing since January on the news, ending the day down 280 points.