good evening everyone piem kate baldwin in for erin burnett. breaking news. president trump escalating the trade war with china. trump announcing a now round of tariffs in retaliation to china's retaliation, announced earlier in the day. the president calling china's moves politically motivated. so he is increasing all the tariffs against china by 5%. all of this caused another bad day on wall street, ending down 623 points. the president also spent thedy attacking his new favorite booking man, the federal reserve chairman jay powell. tweeting in part we have a strong dollar and weak fed. my only question is who is our bigger enemy, jay powell or chairman xi. yes the president compares the independent fed chairman he appointed to america's leading trade adversary. and he wasn't done there. announcing a decree or at least trying to in another tweet. our great american companies are