President Trump announced new tariffs on Chinese goods in a series of tweets Friday, declaring he would raise current tariffs by 5 percent. Trump said the 25 percent duty on $250 billion of Chinese goods would be raised to 30 percent on Oct. 1, and the 10 percent tariff on $300 billion worth of Chinese goods would be bumped up to 15 percent. “For many years China (and many other countries) has been taking advantage of the United States on Trade, Intellectual Property Theft, and much more,” Trump wrote. “As President, I can no longer allow this to happen! In the spirit of achieving Fair Trade, we must Balance this very unfair Trading Relationship.” This comes after China placed retaliatory tariffs of 5 or 10 percent on $75 billion worth of U.S. goods starting in September.