U.S. will be 'taxing' China until trade deal is reached: Trump

President Donald Trump said on Thursday Chinese President Xi Jinping was not moving fast enough on reaching a trade agreement and that the United States would be "taxing" China until a deal is secured.

Rough Cut (no reporter narration).

The Dow closed down 285 points, reversing gains after Trump tweeted that he would impose 10% tariffs on an additional $300 billion of Chinese imports on Sept.

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Trump, who often says the tariffs are a tax paid by China, told reporters the proposed tariffs could be increased in stages and said they could rise above 25%.

Trump's announcement came after U.S. and Chinese negotiators wrapped a two-day meeting in Shanghai on Wednesday without significant signs of progress in resolving a trade war between the world's two largest economies.