President Donald Trump elevated trade war rhetoric with China to a fever pitch on Friday, threatening to hit the country with tariffs on another $267 billion worth of Chinese goods.

Speaking with reporters on Air Force One, Trump said the next round of tariffs on $200 billion worth of Chinese goods was nearly ready - and that more were on the way.

If Trump follows through with both threats, a total of $517 billion in Chinese goods coming into the US would be subject to tariffs - virtually everything coming from the country. Last year, $505 billion of goods were imported to the US from China in 2017.

China threatened to retaliate to the $200 billion threat with tariffs on $60 billion worth of US goods.

In response to the news, US stock indexes dived, with the Dow Jones industrial average falling roughly 140 points, or 0.55%, as of 12:45 p.m. ET.

Here's a timeline of the US-China trade war so far: