Mr. Trump insists that these actions are his way of standing up for farmers and ranchers. Other nations such as Japan, China and India have charged higher tariffs than the U.S. for importing American farm goods.

President Donald Trump’s “Liberation Day” tariffs plunged the stock market into the red Thursday, marking its worst day since the COVID-19 pandemic began in 2020. The Dow Jones Industrial Average fell nearly 4%,

U.S. stocks closed up on Wednesday ahead of President Donald Trump's announcement of sweeping tariffs, which the White House dubbed "Liberation Day." The Dow Jones Industrial Average climbed 230 points, or 0.5%, while the S &P 500 rose 0.6%. The tech-heavy Nasdaq increased 0.8%.

China announced Friday that it will impose a 34% tariff on imports of all US products beginning April 10. The new tariff matches the rate of the US “reciprocal” tariff imposed by US President Trump this week.

The move came two days after President Donald Trump imposed the same tariff on all Chinese imports, bringing the total U.S. tariff on Chinese goods to at least 54%.

Trump was fulfilling a key campaign promise as he imposed what he called “reciprocal” tariffs on trade partners, acting without Congress under the 1977 International Emergency

Asian markets are retreating after Wall Street led the biggest loss among world's markets over worries about U.S. President Donald Trump's tariffs

Turmoil on financial markets deepened on Friday, as China hit back at tariffs announced by Donald Trump, raising the likelihood of an extended trade war and damage to the global economy. The S&P 500 index,

China slapped a 34% tariff on U.S. goods starting April 10 in retaliation to Trump's tariff plans. Global markets tumble as the trade war begins. Follow along for live updates on how the Dow, S&P 500 and Nasdaq are reacting.