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UPDATE: Trump plans to raise tariffs on $550B of Chinese goods

U.S. President Donald Trump announced plans to impose additional levies on a combined $550 billion of Chinese goods in response to what he called "politically motivated" duties on American products unveiled by China earlier Aug. 23.

In a tweet, Trump said the existing tariffs on $250 billion worth of Chinese imports would be raised to 30% from 25% starting Oct. 1.

The tariffs of 10% on another batch of Chinese goods worth $300 billion, originally set to take effect Sept. 1, would increase to 15%. The U.S. previously announced a delay in those tariffs.

Earlier on Aug. 23, China announced 5% to 10% tariffs on about $75 billion of U.S. imports to be imposed in two batches, effective Sept. 1 and Dec. 15.

Trump tweeted late Aug. 23 that the U.S. would make the moves in retaliation for the Chinese announcement. The Office of the U.S. Trade Representative quickly backed up the tweets in a statement announcing the tariff increases.

Trump initially responded to Beijing's move by urging U.S. companies to immediately relocate their business operations from China.

"We don't need China and, frankly, would be far better off without them," Trump said in a series of tweets. "Our great American companies are hereby ordered to immediately start looking for an alternative to China, including bringing your companies HOME and making your products in the USA," Trump tweeted.

Trump also asked the U.S. Post Office and carriers including FedEx Corp., Amazon.com Inc. and United Parcel Service Inc. to search for and refuse all deliveries of fentanyl from China and other countries, as he lamented the deaths in the U.S. caused by the drug.

Trump's announcements earlier in the day roiled Wall Street, with the S&P 500 closing down 2.59%. The Dow Jones Industrial Average tumbled 2.37%, and the Nasdaq Composite Index dropped 3.00%.

The U.S. Chamber of Commerce urged both Washington and Beijing to resume negotiations and strike a trade deal addressing technology transfer practices and market access, among other concerns.

"Time is of the essence. We do not want to see a further deterioration of U.S.-China relations," said Myron Brilliant, the U.S. Chamber of Commerce's executive vice president and head of international affairs.

Meanwhile, the U.S. National Retail Federation said Trump's call for U.S. businesses to move out of China was "unrealistic."