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The Chinese government said it would match President Trump's tariff, and also barred a group of American companies from doing business in China.
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The Chinese finance ministry announced its response to President Donald Trump's "reciprocal" tariffs.
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China announced a 34% tariff on all U.S. imports on Friday, escalating trade tensions between the world's two biggest economies.
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The president's aides insist the fallout will be short and ultimately result in a better economy, as economists warn of higher inflation and slower growth.
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Businesses of all sizes are reeling as President Trump expands his trade war. Stock markets fell sharply on Thursday. We also gauge how small U.S. retailers are responding to the new tariffs.
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Markets in Asia reflected investors' continued worries about the economic disruption of President Trump's trade policies.
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Key foreign stock markets continued their slide after opening on Friday morning amid the shockwaves of President Donald Trump's "Liberation Day" tariffs.
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For now, the only (unwilling) subjects of Trump's "liberation" were investors, who parted with the oppressive weight of their stock returns.
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Critics said that AIs such as ChatGPT gave the same technique used by the White House when asked to design a global tariff policy.
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President Donald Trump suggested he might be open to doing deals over tariffs, raising hopes in Japan, South Korea and Taiwan. But China is preparing to retaliate.
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President Trump's sweeping tariff announcement triggered a sharp drop in U.S. stock markets, a flashing-red warning sign of the economic fallout that's expected to result from the widening trade war.
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A manufacturer in China that makes apparel for the American market is warning of a price increase after President Trump's announcement on tariffs. NBC News' Janis Mackey Frayer visits one of the companies to talk about how the tariffs will impact prices in the U.S.
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Other countries vowed to respond after President Donald Trump imposed higher tariffs on imports from much of the world, including many U.S. allies.
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Countries seeking to sell goods to the United States will now face taxes as high as 54% based on how the White House is calculating duties on U.S. exports.
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Marco Rubio is visiting NATO's headquarters for a meeting of foreign ministers, putting him on the front lines of the Trump administration's push against U.S. allies.
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And what business executives are saying behind closed doors.
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