Beyond the economic devastation, Trump’s tariffs have also landed the U.S. in legal hot water. China also announced Friday it would be suing the U.S. via the World Trade Organization, arguing that Trump’s tariff plan “seriously undermines” global trade.

Overseas markets also slid Friday. In overnight trading in Asia, Tokyo's Nikkei 225 lost 2.8%, while South Korea's Kospi sank 0.9%. Markets in Shanghai, Taiwan, Hong Kong and Indonesia were closed for holidays, limiting the scope of Friday's sell-offs in Asia.

U.S. stocks ended another tumultuous day lower as markets reel from President Donald Trump’s latest threats to crank his tariffs higher. The S&P 500 sank 0.2%. The Dow Jones Industrial Average fell 349 points,

Donald Trump has threatened additional 50 per cent tariffs on China if Beijing does not withdraw its retaliatory levies on Washington by Tuesday. “If China does not withdraw its 34% increase above their already long term trading abuses by tomorrow,

Undeterred by a panicked stock market, President Donald Trump threatened additional tariffs on China on Monday, raising fresh concerns that his drive to rebalance the global economy could intensify a financially destructive trade war.

U.S. President Donald Trump said on Monday he will impose an additional 50% tariff on China if Beijing does not withdraw its retaliatory tariffs on the United States.