President Donald Trump announced on Friday a new round of tariffs on China set to start October 1 in the latest escalation in the trade war with Beijing .

The President tweeted that "the 250 BILLION DOLLARS of goods and products from China, currently being taxed at 25%, will be taxed at 30%."

"Additionally, the remaining 300 BILLION DOLLARS of goods and products from China, that was being taxed from September 1st at 10%, will now be taxed at 15%," Trump wrote.

The announcement came after Beijing unveiled a new round of retaliatory tariffs on about $75 billion worth of US goods. China will place additional tariffs of 5% or 10% on US imports starting on September 1, according to a statement posted by China's Finance Ministry.

Stocks finished a volatile trading day sharply in the red Friday, after a selloff driven by the new retaliatory tariffs from China and the President's criticism of Federal Reserve policy.

The Dow dropped more than 700 points at its worst, closing down 2.4%, or 623 points.

It was the worst day for stocks since August 14. It was the fourth down-week in a row, according to Refintiv.