WASHINGTON—U.S. financial and industrial sources reacted with dismay to President Trump's announcement that he would levy 10 percent tariffs on $300 billion worth of goods exported to the U.S. from China, beginning Sept. 1.
The new tariffs, which Trump announced on Twitter Aug. 1, are on top of the 25 percent tariffs that already exist on another $250 billion of Chinese goods.
"We thought we had a (trade) deal with China three months ago, but sadly, China decided to renegotiate the deal before signing," the president said. "More recently, China agreed to buy agricultural product from the U.S. in large quantities, but did not do so."
After proposing the tariffs, the Dow Jones Industrial Average fell sharply, losing 280.85 points to close Aug. 1 at 26,583.42.
Associations representing business interests were quick to react to the news.
"It was our hope that ongoing talks would lead to an agreement and allow the Trump administration to lift existing tariffs," the Motor & Equipment Manufacturers Association said. "Today's announcement…dashes that hope."