President Trump doubled down on his message about the $500 billion trade deficit with China in a new Twitter post Wednesday morning.

The U.S. stock markets are set to plunge after China announced an additional 25 percent tariff on 106 U.S. products on Wednesday, designed to target up to $50 billion worth of U.S. products annually.

Earlier Trump had tweeted, “We are not in a trade war with China, that war was lost many years ago by the foolish, or incompetent, people who represented the U.S. Now we have a Trade Deficit of $500 Billion a year, with Intellectual Property Theft of another $300 Billion. We cannot let this continue!”

Later Wednesday morning, he shot out another statement, tweeting, “When you’re already $500 Billion DOWN, you can’t lose!”