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Trump said he will raise tariffs on $250 billion in Chinese goods to 30% and hike duties on another $300 billion in products to 15%.
Stocks dropped after Donald Trump ordered that U.S. manufacturers find alternatives to their operations in China.
Federal Reserve Vice Chair Richard Clarida said Friday that the global economy has deteriorated in the past month.
The latest escalation in the trade war ups the odds the economy will fall into recession and that the Fed will aggressively cut rates.
Here are the products that stand to be the most affected by China's new tariffs on $75 billion worth of U.S. goods.
"We don't need China and, frankly, would be far better off without them," Trump tweeted.
"My only question is, who is our bigger enemy, Jay Powell or Chairman Xi?" Trump wrote amid a series of tweets that rattled markets Friday.
"I would love this to be clarified. We come to a deal on trade, boy, this market is up 10 to 15%, but without it's going to be worrisome," Jeremy Siegel says.
The final week of August could be highly volatile as markets fret over the economy and the latest developments in trade wars.
The death comes as federal and state health officials investigate a slew of lung illnesses in connection to e-cigarette use.
Bank of England Governor Mark Carney says trade war has a confidence effect on business around the world
The divided Federal Reserve is reluctant to cut rates in the face of mounting global economic pressure, Gluskin Sheff's David Rosenberg told CNBC on Friday.
VIACOM INC - THROUGH ONE OF ITS SUBSIDIARIES, ENTERED INTO A DEFINITIVE AGREEMENT TO ACQUIRE PAWS INC
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