Live in the NASDAQ market site overlooking New York City's Times Square, this is

fast money. I'm Melissa Lear. Traders on the desk for Tim Seymour, Brian Kelly,

Karen Feinerman and Steve Grosso, a major market sell-off capping off a wild week on Wall Street stocks plunging

as President Trump turns up the heat on a trade war with China, the president

blasting China in a tweet at 1059 a.m. Eastern time and just look at the market reaction after that stocks

plunged and never recover. We finish the day near the lows of the session.

All this is Fed-Chair Jerome Powell hinted that more rate cuts could be coming

due to the trade turmoil.

We've got full team coverage standing by to tackle both sides of this very big story.

Steve Leisman is at the Fed Summit in Jackson Hole, Wyoming, but we begin in Washington

where the president is expected to announce new actions against China.

That announcement, by the way, could happen at any moment.

Elon Moy is live in our DC newsroom with the very latest.

Well, Melissa, it looks like that response is happening right now.

The president just put up several tweets,

including one that says that our country has been losing

hundreds of billion dollars a year to China with no end in sight,

that we have an unfair trading relationship and

China should not have put new tariffs on 75 billion dollars of US products that's

politically motivated he says starting on October 1st, the $250 billion of goods and products

from China currently being taxed at 25 percent will now be taxed at 30 percent.

He also said that additionally the remaining $300 billion of

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