White House correspondent Steve Herman and State Department correspondent Nike Ching contributed to this report

China will raise tariffs on $75 billion of U.S. goods and resume 25% tariffs on American autos to retaliate against U.S. President Donald Trump's planned September 1 duty increase.

U.S. Treasury yields fell Friday after China's latest announcement, marking an escalation in the trade war between the world's leading economies.

Trump lashed out Friday against China on Twitter, and said he "will be responding to China's tariffs this afternoon."

"Our Country has lost, stupidly, Trillions of Dollars with China over many years. They have stolen our Intellectual Property at a rate of Hundreds of Billions of Dollars a year, & they want to continue. I won't let that happen! We don't need China and, frankly, would be far better off without them," Trump tweeted.

Federal Reserve Chairman Jerome Powell is due to give a speech in Wyoming that many will watch to see if he indicates whether further U.S. interest rate cuts are likely.

Trump also criticized Powell on Twitter Friday.

"We have a very strong dollar and a very weak Fed. I will work "brilliantly" with both, and the U.S. will do great," Trump tweeted. "My only question is, who is our bigger enemy, Jay Powell or Chairman Xi?"

China's Ministry of Commerce said in a statement that it would impose additional tariffs of 5% or 10% on a total of 5,078 products originating from the U.S., including agricultural products, crude oil, small aircraft and cars.

Chinese tariffs on some U.S. products would take effect on Sept. 1 and others on Dec. 15.

A Trump administration official says the U.S. and China are still planning to hold a round of face-to-face trade talks next month.

White House economic adviser Larry Kudlow said discussions this week between deputy-level negotiators were constructive.

In response to a question Thursday from VOA, Kudlow said there are plans for the Chinese team "to come over here in September."

China and the U.S. have been engaged in a tit-for-tat tariffs battle that has affected the world's markets.

Analysts fear a U.S. trade war with China could lead the U.S. down the road to a recession.