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According to a tweet by Eamon Javers, Washington Correspondent for CNBC, US President Donald Trump is meeting with his trade team at the White House at the moment.

Earlier in the hour, President Trump said that he will be responding to China’s retaliatory tariff announcement on $75 billion worth of US imports.

“We don’t need China and, frankly, would be far better off without them. The vast amounts of money made and stolen by China from the United States, year after year, for decades, will and must stop,” Trump tweeted out.

As markets are waiting for Trump to make his announcement, the 10-year US T-bond yield is down 4.3% on the day and three main indexes of Wall Street are erasing more than 1%.