Stocks plunged on Thursday in response to President Donald Trump's "reciprocal tariffs." While the president had telegraphed his desire for punitive tariffs to try to balance the trade deficit the U.S.

China said Friday that it will impose reciprocal 34% tariffs on all imports from the United States from April 10, making good on a promise to strike back after US President Donald Trump escalated a global trade war.

Alongside Wall Street, global stock markets took a beating after Trump unveiled a 10% baseline tax on all imports, as well as higher tariff rates for some major trade partners.