Trump tariffs fallout: China retaliates, Vietnam talks, U.S. markets melt down

The White House sent a press release after the bell celebrating Trump's "WEEK 11 WINS" and praising the president for unleashing "Economic Prosperity."

The email landed minutes after routed U.S. markets marked the first time the Dow Jones Industrial Average has ever shed 1,500 points two days in a row.

"It was another highly successful week for the American people as President Donald J. Trump continues his relentless pursuit of strength, prosperity, and peace — and lays the foundation for America to be the global powerhouse for generations to come," the White House said.

The release highlighted the Trump administration's immigration efforts, including a sharp decline in illegal border crossings into the U.S. and a series of arrests of alleged gang members.

Trump also "implemented his bold plan for reciprocal trade as he seeks to reverse the decades of globalization that has decimated our industrial base," it said.

The White House also pointed to favorable manufacturing-related announcements from companies such as Nissan and General Motors.

— Kevin Breuninger

U.S. markets closed with steep losses after trade tensions boiled over. The Dow fell 2,200 points on Friday, and the two-day loss for the S&P 500 hit 10%. Read all of CNBC's markets coverage here.

As a brutally battered stock market limped toward the finish line Friday afternoon, Trump delivered a defiant statement to his Truth Social followers.

"ONLY THE WEAK WILL FAIL!" Trump wrote in the post.

The rallying cry struck a similar chord to Trump's earlier all-caps declaration Friday morning that his policies will "NEVER CHANGE" — even as his tariff announcement sparked a massive sell-off.

— Kevin Breuninger

Senate Minority Leader Chuck Schumer roasted Trump for visiting one of his Florida golf courses as stock markets plummeted over the tariffs fallout.

"While we're here doing all of this, it's my understanding that Donald Trump's out at a golf course," Schumer told reporters as he said he and other Democrats will force a vote on an amendment to rescind certain tariffs.

"Now I don't know if he's playing today or if he's caddying for somebody," the New York lawmaker said. "I don't know if anyone trusts him to caddy, but that's what he's up to."

Schumer added: "It just shows the disconnect from this President and what we're seeing with these tariffs."

The amendment Schumer touted would rescind tariffs that increase the cost of groceries, medicine, and other secondary goods that Trump has imposed since re-entering the White House in January.

Congress has power over tariffs, but stopping Trump isn't likely as of now.

— Dan Mangan

Trump detailed his historic tariff plan on Wednesday, April 2. An earlier version of this article misstated the day of the week.

Trump is on a tariff spree — and it's unclear if Congress will try to stop him.

Trump's executive order implementing his so-called reciprocal tariffs says that he derives his authority from laws including the International Emergency Economic Powers Act and the National Emergency Act.

Trump is the first president ever to use the IEEPA to impose tariffs, according to the Congressional Research Service.

The legislative branch has the power to tax under the U.S. Constitution. And as the stock market sell-off deepens, some bipartisan opposition to Trump's tariffs is starting to emerge.

But while Congress can pass legislation that repeals or restricts the president's tariff powers, it is less clear whether lawmakers will do so.

— Kevin Breuninger

Trump on Friday extended a deadline requiring China-based ByteDance to sell the U.S. operations of TikTok or face an effective ban in the country. It's the second time he has taken such an action.

Trump said via his Truth Social social messaging platform that he is signing an executive order "to keep TikTok up and running for an additional 75 days." ByteDance was one day away from the April 5 deadline to carry out a "qualified divestiture" of TikTok's U.S. business as required by a national security law signed by former President Joe Biden in April 2024.

Although there were myriad interested U.S. suitors for TikTok's U.S. operations, including Oracle, AppLovin and even Amazon, which made a last-second bid, Trump said that the deal "requires more work to ensure all necessary approvals are signed."

One major party that needs to approve of the deal is the Chinese government, which Trump acknowledged. "We look forward to working with TikTok and China to close the Deal," Trump wrote. "Thank you for your attention to this matter!"

Complicating matters are the tough tariffs Trump imposed on China earlier this week, bringing the true tariff rate on China to 54%. As a response, China's Finance Ministry said today that it would impose a 34% tariff on all goods imported from the U.S. starting on April 10.

Read the full story on Trump extending the TikTok deadline.

— Jonathan Vanian

A report from the Cato Institute suggests the trade-weighted average tariff rates in most countries are vastly different than the figures touted by the Trump administration this week. The report is based on trade-weighted average duty rates, or the average rate of duty per imported value unit, from the World Trade Organization in 2023, the most recent year available.

Trump held up a poster board on Wednesday that outlined the tariffs that he claims are "charged" to the U.S., as well as the "discounted" reciprocal tariffs that America would implement in response. Those reciprocal tariffs are mostly about half of what the Trump administration said each country has charged the U.S. China was listed on the poster as a 67% charge, and a 34% reciprocal tariff, for instance.

The Cato Institute says the 2023 trade-weighted average tariff rate from China was 3%, a far cry from the 67% figure used by the Trump administration. Similarly, the administration says the European Union charges the U.S. a tariff of 39%, while the 2023 trade-weighted average tariff rate was 2.7%, according to the report.

In India, the Trump administration claims that a 52% tariff is charged against the U.S., but Cato found that the 2023 trade-weighted average tariff rate was 12%.

-- Ashley Capoot

As the market sell-off continues, financial advisors urge caution for investors who want to "buy the dip," or purchase assets at temporarily lower prices.

Generally, the strategy can be tough to execute since no one can predict future stock market moves, experts say.

Instead of trying to "time the bottom," consider dollar-cost averaging, which invests your money at set intervals and lowers risk, according to certified financial planner Jay Spector, co-chief executive officer of EverVest Financial in Scottsdale, Arizona. 

— Kate Dore

Markets continued to sell off Friday afternoon, with the Dow shedding 2,000 points and Nasdaq heading for a close in bear market territory. Read all of CNBC's market coverage here.

The Trump administration's plan to slap steep tariffs on goods from dozens of countries is expected to spike prices for consumers.

Some items, like leather goods, will see a bigger jump than others.

Prices for clothing and shoes, gloves and handbags, and wool and silk products will all increase by between 10% and 20% due to the tariffs Trump has so far imposed, according to the Yale Budget Lab analysis.

The cost of motor vehicles and car parts could swell by over 8% according to the Yale Budget Lab analysis.

— Greg Iacurci and Annie Nova

Warren Buffett's Berkshire Hathaway issued a rare statement decrying social media posts that claim to use the CEO's words — hours after Trump shared an outlandish video that did exactly that.

"There are reports currently circulating on social media (including Twitter, Facebook and Tik Tok) regarding comments allegedly made by Warren E. Buffett. All such reports are false," the company said in a statement.

Earlier Friday, Trump's Truth Social account posted a link to a video arguing that the president is trying to crash the stock market "on purpose" in order to force lower interest and mortgage rates.

The video's narrator then falsely states, "And this is why Warren Buffett just said, 'Trump is making the best economic moves he's seen in over 50 years.'"

The president shared a link to an X post from the account @AmericaPapaBear, a self-described "Trumper to the end." The X post itself appears to be a repost of a weeks-old TikTok video from user @wnnsa11. 

Buffett, 94, didn't single out any specific posts, but his conglomerate Berkshire Hathaway outright rejected all comments claiming to be made by him.

Read the full story on Buffett's denial here.

— Kevin Breuninger and Yun Li

Senate Minority Leader Chuck Schumer said, "Trump is using tariffs in the dumbest way possible."

"Trump slapped tariffs on penguins, but not on Putin," said Schumer, D-N.Y., from the Senate floor during Friday debate of the Republican budget resolution.

"Yep, that's true. He sanctioned the Heard and McDonald Islands, only inhabited by penguins, but he left Putin's evil Russia alone. That's what happens when you have no clue to what you're doing."

Schumer noted that there are smart ways use tariffs but said, "Donald Trump is using tariffs in the dumbest way possible."

— Dan Mangan

Klarna and StubHub are delaying their long-awaited debuts on the public markets because of market turbulence, a source familiar with the matter told CNBC.

Neither of the companies, which had filed their IPO prospectuses in recent weeks, have a timeline for when they will pursue an offering, the person said.

The announcements are a major blow for venture capital firms, who were counting on a reinvigorated initial public offering market in the Trump administration after a miserable last few years for big exits.

Digital physical therapy startup Hinge Health filed its IPO prospectus in March, and Circle, the company behind the USDC stablecoin, disclosed its plans to go public earlier this week. It's unclear if the companies will adjust their IPO plans as the market continues to digest the impact of Trump's tariffs plan.

— Annie Palmer

Hyundai Motor on Friday said it will not raise prices on its current lineup of vehicles because of potential increases in costs due to tariffs as part of a new "customer assurance" program through June 2.

The South Korean automaker said during the roughly two-month "protection window," the manufacturer's suggested retail price, or MSRP, of its Hyundai and Genesis vehicles will remain as they are, despite Trump's 25% auto tariffs on imported vehicles taking effect Thursday.

"We know consumers are uncertain about the potential for rising prices and we want to provide them with some stability in the coming months," Hyundai CEO José Muñoz said in a statement.

Hyundai said it's encouraging its franchised dealers to consider the program and the company's MSRP when setting vehicle prices, but acknowledged the retailers are independent businesses that could raise prices on their own.

— Michael Wayland

Stellantis is joining its Detroit rival Ford Motor in offering employee discounts on new vehicles to all consumers in the wake of auto tariffs.

The owner of brands such as Chrysler, Dodge, Ram and Jeep on Friday said the employee-pricing deal will run through April 30.

"This week we launched aggressive and consistent incentive and marketing support for April, including an exciting and competitive enhancement that will allow our customers 'America's Freedom of Choice' between Employee Price or current cash incentives," Stellantis said in an emailed statement.

U.S. auto sales in the first quarter came in higher than expected as consumers flocked to buy cars ahead of auto tariffs taking effect, which many expect will lead to elevated vehicle prices.

The employee pricing is viewed as a way to support dealers and company sales amid potential price increases and economic uncertainty due to Trump's tariffs.

— Michael Wayland

The White House put out a statement saying, "President Trump's Tariffs Are Already Delivering Wins for Americans," as the benchmark S&P 500 index dropped by 4.5%.

"Americans are already seeing the early results of President Donald J. Trump's bold declaration earlier this week that the days of economic surrender are over," the White House said.

The statement touted moves by U.S. automakers on the heels of the tariffs announcement.

"Nissan announced it will maintain two shifts at its Tennessee production facility — a reversal of the automaker's earlier plan to eliminate one of the shifts," the statement said. "General Motors announced it will increase truck production at its Indiana assembly plant."

"Ford Motor Company and Stellantis both announced they will offer U.S. consumers employee pricing on their vehicles."

"That's on top of the trillions in investment announced in recent weeks as companies from around the world anticipated President Trump's tariffs, ultimately benefiting the American people," the White House said.

— Dan Mangan

Technology stocks fell for a second session Friday and the tech-heavy Nasdaq headed for its worst week in five years after Trump's tariff policy sparked global market turmoil and trade war fears.

Tesla and and Nvidia led the decline among the so-called Magnificent Seven group, dropping about 9% and 7%, respectively. Apple and Meta Platforms fell 4% each.

The Nasdaq is coming off its worst trading day since 2020. During Thursday's session, the Magnificent Seven stocks lost a collective $1 trillion in market value.

— Samantha Subin

Nintendo said Friday that preorders for the company's hotly anticipated game console, Switch 2, would be delayed while the company assesses how Trump's tariffs will affect the market.

"Pre-orders for Nintendo Switch 2 in the U.S. will not start April 9, 2025 in order to assess the potential impact of tariffs and evolving market conditions," a Nintendo representative told CNBC. "Nintendo will update timing at a later date. The launch date of June 5, 2025 is unchanged."

The delay is one of the highest-profile examples of Trump's reciprocal tariffs impacting the business plans of electronics companies, which primarily manufacture in Asian countries. It's also a sign that Trump's tariffs could cause uncertainty for consumers.

Nintendo did not say if it would raise the price of the console, which it announced earlier this week as $450 in the United States. IPC, a trade group focused on electronics manufacturing, estimated on Friday that game console prices could rise by 50% due to the tariffs announced on Wednesday.

— Kif Leswing

Former Goldman Sachs CEO Lloyd Blankfein believes Trump should let countries negotiate his newly announced "reciprocal" tariff rates.

"The switchboard at the WH must be burning up with gov'ts trying to surrender in this trade war. Why not give them a chance?" Blankfein said Friday in a post on X.

He added that Trump should allow the 10% baseline tariff to remain but delay the "reciprocal" tariffs by six months.

"Take the win! The Prez said he'd make us tired of winning…I'm there now!" he also said.

— Sean Conlon

Building airplanes is going to get more expensive under Trump's new tariffs and additional reciprocal measures from other countries, industry members warned.

The aerospace and defense industry, which helps soften the U.S. trade deficit to the tune of about $100 billion a year in exports, said it wants the Trump administration to uphold a 1980 agreement that has allowed for mostly duty-free trade for that sector.

"The line is certainly long" for requests to the White House, aid Dak Hardwick, vice president of international affairs at the Aerospace Industries Association, which represents Boeing, GE Aerospace, Airbus and dozens of other aerospace and defense companies.

Read the full story here.

— Leslie Josephs

Klarna is reportedly holding off on its planned initial public offering following Trump's wide-sweeping tariff plan that has rattled financial markets over the last two trading sessions.

The financial technology company has reportedly pushed off plans to start marketing shares Monday, according to a Wall Street Journal report, citing sources familiar with the matter.

Klarna declined CNBC's request for comment.

— Samantha Subin

Federal Reserve Chair Jerome Powell said Friday he expects Trump's tariffs to raise inflation and lower growth, creating a "highly uncertain outlook."

However, Powell indicated that the central bank won't move on interest rates until it gets a clearer picture on the ultimate impacts. His comments came shortly after Trump urged the Fed to "stop playing politics" and cut interest rates because inflation is down.

"Our obligation is to keep longer-term inflation expectations well anchored and to make certain that a one-time increase in the price level does not become an ongoing inflation problem," Powell said in prepared remarks. "We are well positioned to wait for greater clarity before considering any adjustments to our policy stance. It is too soon to say what will be the appropriate path for monetary policy."

— Jeff Cox, Yun Li

Streaming now: Fed Chair Jerome Powell speaking live about interest rates and tariffs.

Nike shares rose after Trump said he spoke to a key Vietnamese official about a potential agreement to reduce tariffs.

The footwear and apparel giant's stock climbed about 5% in late-morning trading.

Nike manufactures about 25% of its footwear in Vietnam. Its shares plummeted Thursday after Trump announced a new 46% tariff on goods from the country.

— Jacob Pramuk

Trump said in a social media post that he spoke with the head of Vietnam's ruling Communist Party about potentially cutting stiff new U.S. tariffs on imports from that country down to "zero" if the two nations can negotiate a deal.

On Wednesday, Trump slapped a new tariff of 46% on goods imported from Vietnam, which is set to take effect next week.

"Just had a very productive call with To Lam, General Secretary of the Communist Party of Vietnam, who told me that Vietnam wants to cut their Tariffs down to ZERO if they are able to make an agreement with the U.S." Trump wrote on Truth Social.

"I thanked him on behalf of our Country, and said I look forward to a meeting in the near future," Trump wrote.

Nike's share price rose after Trump's post. About 25% of Nike's footwear is made in Vietnam.

— Dan Mangan

California Gov. Gavin Newsom is trying to convince countries that announce retaliatory tariffs to exempt products that are made in California from their levies.

Newsom said he's "pursuing new strategic partnerships with international trading partners." He also noted that his state has close trade ties with Mexico, Canada and China.

California has a massive economy. The Trade Partnership Worldwide estimated earlier this week that the Golden State would be the hardest hit by Trump's moves.

— Michele Luhn

The Dow Jones Industrial Average is now 1,400 points lower as the stock market sell-off picks up speed. The Nasdaq Composite is down 4.7%. If the index closes there, it will be 21% lower than its high in December — what Wall Street considers a bear market. Read all of CNBC's market coverage here.

— Josephine Rozzelle

Walt Disney CEO Bob Iger said Trump's global tariffs could force the media giant to slash spending, according to a report in the newsletter Status.

Iger made the assessment during an unannounced stop at a daily editorial meeting at Disney-owned ABC News, as journalists discussed the market plunge sparked by Trump's trade barriers, Status reported. Iger said tariffs on steel imports could raise the cost of two Disney cruise ships currently under construction.

Iger said if prices climb too high, Disney could have to cut spending, according to the report.

The account offers a rare private glimpse into a major CEO's thinking about the escalating global trade conflict. Top executives have so far been hesitant to comment publicly on the turmoil.

— Jacob Pramuk

Fore!

Trump arrived at his golf club in West Palm Beach, Florida, as major stock indexes dropped by more than 3% on the second day of market fallout over his wide-ranging tariff plan.

The president plans to attend a "candlelight dinner" later at his Mar-a-Lago Club.

Trump earlier in the day boasted about "far better than expected" job numbers that were released.

— Dan Mangan

With stocks plunging again Friday as worries of a global trade war intensify, Jim Cramer warned it's not time to abandon stocks.

"Get out now moment? There should never be one," Cramer wrote to his Investing Club on Friday morning. "Treasury yields say recession? Yes. But there are things that can help the economy, such as lower interest rates. The market now sees five Fed rate cuts this year."

Another silver lining: U.S. oil prices have fallen to $61 a barrel. "Lower oil means lower gas prices, which can help bring inflation down," Cramer said. "The Fed is torn between helping economic growth or taming inflation. The market now sees five cuts this year."

Read the rest of Jim's 10 things to watch in the stock market.

— Jeff Nash

Trump hit back at the Beijing administration following China's decision to impose 34% retaliatory tariffs on all U.S. goods in the wake of Washington's own sweeping levies.

"CHINA PLAYED IT WRONG, THEY PANICKED - THE ONE THING THEY CANNOT AFFORD TO DO!" Trump said on the Truth social media platform.

This is not the U.S. president's first altercation with Beijing, after entertaining a tenuous trade relationship with China throughout his first term in the White House.

— Ruxandra Iordache

The Dow opened with a 900-point loss, getting crushed for a second day as fears about a global trade war heightened. Markets continued to sink in the first few minutes of trading. Read all of CNBC's market coverage here.

— Elisabeth Cordova

Trump touted a better-than-expected March jobs report as proof of the strength of his agenda.

"GREAT JOB NUMBERS, FAR BETTER THAN EXPECTED. IT'S ALREADY WORKING. HANG TOUGH, WE CAN'T LOSE!!!" he wrote on Truth Social.

The latest nonfarm payrolls report from the Bureau of Labor Statistics covers the month ending mid-March — before Trump's latest tariff announcements.

Press secretary Karoline Leavitt also celebrated the strong jobs numbers.

"The economy is starting to roar with a strong 228,000 jobs added in the month of March — well ahead of the market's expectation," she said in a statement.

"There was also a sharp increase in transportation, construction, and warehousing employment. The President's push to onshore jobs here in the United States is working. The Golden Age of America is on its way!"

— Kevin Breuninger

The tariffs rolled out by President Donald Trump this week have pushed the odds of a recession this year up to 60% from 40%, according to JPMorgan.

"These policies, if sustained, would likely push the US and possibly global economy into recession this year," Bruce Kasman, head of global economic research, said in a note to clients late Thursday.

Economic projections related to the tariffs will be something of a moving target in the coming weeks as more details emerge about both the U.S. plan and any reaction by trading partners. For example, Kasman's note was published before China's Finance Ministry announced that it would impose its own 34% tariff on U.S. imports in retaliation for the Trump administration's decision.

— Jesse Pound

The toy aisle is about to get more expensive.

For decades, U.S. toy companies have worked with Chinese manufacturers to bring the hottest action figures, dolls and games to retail shelves. Vietnam became a solid secondary market for companies looking to diversify their factory locations amid growing trade tensions between Washington and Beijing.

Trump slapped China with an additional 34% duty Wednesday, bringing the total tax on goods from the nation to 54%, and hit Vietnam with a 46% tariff. The levy is far higher than what toy companies expected and could lead to massive price hikes on toys, industry experts said.

Around 77% of toys imported into the United States come from China, according to data from The Toy Association. Vietnam is third, just behind Mexico.

"You could have anywhere from 35% to potentially even a point-for-point price increase on products depending upon what margin those products run at," Greg Ahearn, president and CEO of The Toy Association, told CNBC. "It may actually just be a 50% price increase, given it's a 54% tariff."

Most toy margins are in the high single digits, he noted. So, there is very little wiggle room for companies to absorb these fees.

"There's no place for it to go, but to the consumer," Ahearn said.

Read the full story here.

— Sarah Whitten

Trump shared a social media video that defends his recent policy decisions by arguing he is deliberately crashing the stock market as a strategic play to force lower interest and mortgage rates.

"Trump is crashing the stock market by 20% this month, but he's doing it on purpose," alleged the video, which Trump posted on his Truth Social account.

The president shared a link to an X post from the account @AmericaPapaBear, a self-described "Trumper to the end." The X post itself appears to be a repost of a weeks-old TikTok video from user @wnnsa11.

"Now here's the secret game he's playing, and it could make you rich," the video says.

"So why is he doing this? To push cash into treasuries, which forces the Fed to slash interest rates in May, and those lower rates give the fed the ability to refinance trillions of debt very inexpensively," it says.

"It also weakens the dollar and drops mortgage rates," the video says. "Now it's a wild chess move, but it's working."

"Now you're probably wondering, what about his tariffs? Well, I'll tell you, it's a genius play. It actually forces companies to build here to dodge them. It also forces farmers to sell more of their products here in the U.S., to bring grocery prices way down."

"Now, remember, 94% of all stocks are owned only by 8% of Americans. So Trump, he's taking from the rich short term and handing it to the middle class through lower prices," it says.

The White House did not immediately respond to CNBC's request for comment.

— Kevin Breuninger

Trump in a Truth Social post encouraged more foreign spending in the U.S., assuring that investors can bet on his economic agenda long term.

"TO THE MANY INVESTORS COMING INTO THE UNITED STATES AND INVESTING MASSIVE AMOUNTS OF MONEY, MY POLICIES WILL NEVER CHANGE," Trump wrote in the all-caps post.

"THIS IS A GREAT TIME TO GET RICH, RICHER THAN EVER BEFORE!!!"

— Kevin Breuninger

Auto giants have responded to Trump's tariffs by announcing plans to raise prices, impose import fees, pause production and even layoff staff.

The White House on Thursday introduced 25% tariffs on foreign auto imports, noting that it also intends to place tariffs on some auto parts no later than May 3. The measures, which were separate to Trump's sweeping new tariffs on major trading partners, have hit the global automotive industry hard.

German auto giant Volkswagen is said to be planning to add import fees to the sticker prices of its vehicles shipped to the U.S. in response to Trump's tariffs. Europe's biggest carmaker has also reportedly halted all rail shipments of vehicles built in Mexico to the U.S.

Stellantis, meanwhile, announced on Thursday it will pause production at two assembly plants in Canada and Mexico. The move means about 900 workers in the U.S. at supporting plants will be temporarily laid off.

Read the full story here.

— Sam Meredith

Oil prices plunged on Friday as China struck back with 34% tariffs on imported U.S. goods in response to Washington's own duties against Beijing.

The Ice Brent contract with June expiry was trading at $65.42 per barrel at 8:22 a.m. ET, down 6.73% from the Thursday close price. The front-month May Nymex WTI contract was at $62.03 per barrel, lower by 7.35% from the previous session's settlement.

Oil is particularly sensitive to tensions between the two economic powerhouses, given China's status as the world's largest crude importer and the U.S. dollar's role in denominating crude commodities.

Read the latest oil commodity wrap.

— Ruxandra Iordache

Trump's schedule for Friday is clear, save for attending a "Candlelight Dinner" for the super political action committee MAGA Inc., according to the White House.

The dinner is at Trump's Palm Beach club and residence, Mar-a-Lago. Trump arrived there Thursday evening after catching another dinner for the LIV golf tour at his Doral Golf Club in Miami.

— Kevin Breuninger

Snap-on CEO Nick Pinchuk said Friday that the company is "resistant to the effect, not immune" to the tariffs.

The manufacturing company currently has 80% of its products made in America, he said.

"One of the good things about the tariffs, and I don't think there's many good things, is the fact that it puts in rather harsh perspective how hard it is to manufacture," Pinchuk said on CNBC's "Squawk Box."

Pinchuk said the true problem lies in America not having the skilled labor and the weight of regulations.

"The government needs to celebrate manufacturing for the special American calling it's always been, rather than say it's a consolation prize," he said.

Finding the best and cheapest goods can go too far, Pinchuk added, and Americans already understood that reshoring was good. Instead, he said, the tariffs will introduce uncertainty into the grassroots economy.

"I think this could've been implemented in a much more thoughtful way, and actually, we didn't need broad tariffs," he said.

— Laya Neelakandan

China's finance ministry on Friday said it will impose a 34% tariff on all goods imported from the U.S.

The China tariffs take effect April 10.

The move follows Trump's tariff announcement on April 2, where he instituted a 10% baseline tariff on all countries and much higher rates on many others. He put a 34% tariff on China, though combined with preexisting tariffs, the effective rate is 54%.

"China urges the United States to immediately cancel its unilateral tariff measures and resolve trade differences through consultation in an equal, respectful and mutually beneficial manner," the ministry said, according to a Google translation.

Read CNBC's full article here.

— Ruxandra Iordache

The weekend is looking like a breeze for Trump — if not for stock market investors hammered by the fallout from his new tariffs.

The White House posted a tweet showing Trump walking with his hair, tie and suit jacket blown back from the wind, with the italicized message, "Almost Friday."

The tweet's jaunty vibe contrasted with a metaphorical bloodbath on Wall Street, where the major stock indices all suffered big drops.

— Dan Mangan

Nissan Motor's luxury Infiniti brand has indefinitely paused production of two Mexico-built crossovers for the U.S. in response to the newly imposed 25% tariffs on imported vehicles by Trump.

In a memo to the brand's retailers, Infiniti Americas Vice President Tiago Castro said QX50 and QX55 output for the U.S. is halted "until further notice" due to the tariffs, Automotive News reported Thursday.

A company spokesman confirmed the actions Thursday afternoon to CNBC and said the Japanese automaker is reviewing its "production and supply chain operations to identify optimal solutions for efficiency and sustainability."

"We will continue to evaluate the impact, as well as market needs, to make any additional adjustments to production," Nissan said in an emailed statement.

Separately, Nissan on Thursday confirmed it will maintain two shifts of production of the Nissan Rogue crossover at its Smyrna, Tennessee, plant that is free of the new auto tariffs.

Nissan had planned to scale back Rogue production in Smyrna to a single shift starting this month.

— Michael Wayland

President Donald Trump's tariff plan sent ripples through U.S. markets and baffled economists and investors alike. Click here to read CNBC's previous Day 2 coverage.

— Elisabeth Cordova