Meanwhile, US Commerce Secretary Wilbur Ross said Friday that US and South Korean officials were "relatively close" to reaching a deal on the steel and aluminium tariffs, with an announcement possible as early as next week. That appeared to be the opening salvo of a trade war, as Beijing announced its own retaliatory tariffs on more than 100 items, including USA pork and wine.
United States president Trump announced plans to introduce a 25% tariff on USD60 billion of Chinese imports, a move that will bring a sharp reaction from Beijing over the coming days. China responded to news of the reforms by warning that while it did not want a trade war, it was "absolutely not afraid" of one and "fully prepared" to defend its interests.
Soybean futures for May delivery fell as much as 2 percent to $10.0925 a bushel on the Chicago Board of Trade, the lowest for the contract since February 12. Fear of a trade war shocked the world stock markets, which damaged European markets and led to falls in Asian stock markets.
Investors were further rattled when China's ambassador to the United States signaled that China could ease purchases of USA bonds in response to Trump's tariffs.
U.S. stocks sank in trading on Friday afternoon, pushing the S&P 500 to its biggest weekly decline in two years amid concerns about USA trade policy and retaliation from China.
More than 400 mainland China stocks plunged by the maximum allowed 10 percent, led by tech and materials firms targeted or seen as being most affected by the USA tariffs.
But he added that US businesses in China wanted "fairer treatment and improved market access in China".
For the short-term, analysts expect soured sentiment for equity markets, though many saw a limited impact.
"If anything, a few weeks ago we anxious about the economy overheating and inflation picking up", McCain said.
Commodities did not fare well, either. Australia's S&P/ASX 200 skidded 1.9 percent to 5,824.50. Tencent fell more than 4 percent after Naspers Ltd. revealed a plan to cut its stake in the Chinese internet giant.
Policy makers across the world are warning of a brewing trade war that could undermine the broadest global recovery in years.
The benchmark 10-year Treasury note moved lower to 2.81%.
Trump said Washington "would no longer tolerate running a trade deficit of almost $400 billion with China", its second-largest trading partner, after the EU.
The dollar eased against a basket of currencies on Friday as trade concerns triggered a bout of investor risk aversion. He says that amounts to about 71 percent of North Dakota soybeans valued at 1.5 billion dollars being exported to China.
"This has been long in the making", Trump said, adding that the tariffs could affect as much as $60 billion in goods.
Alvaro Morata Has Our Total Confidence - Chelsea Star
To show that they deserve to go. "There are players who are not on the list whose chances of going to the World Cup are intact". Costa's replacement at Chelsea , Alvaro Morata , is among the players Lopetegui did not name in the 24-man squad.
Conte: Chelsea will target top four and FA Cup
We have FA Cup and Premier League to fight for". "We have special plans to try to defend well", Conte said . Messi then scored his 100 Champions League goal to hand the Catalan giants a massive 4-1 aggregate win.
Naomi Osaka Wins at Indian Wells for Her First WTA Title
In the evening session, world No. 44 Osaka broke Pliskova's serve six times in her 78-minute upset on the main stadium court. Naomi Osaka of Japan won the women's title 6-3, 6-2 over Russian Daria Kasatkina in a match-up of 20-year-old rising stars.
New Avengers: Infinity War Trailer Teasers Released
In fact, Joe Russo likened it to the direction that Captain America and Falcon have taken in the two years between films. The film boasts of having an incredible ensemble star cast with many actors from previous MCU films.
Josh McCown informed he'll be the Jets' starter
Bridgewater, 25, said recently he still considers himself a starter, which will make for a spirited competition in training camp. The Vikings chose to not toll Bridgewater's rookie contract, thus allowing him to become an unrestricted free agent.
YES! YES!! WWE clears Daniel Bryan for in-ring return
He could wrestle a broom to a five-star show, nevermind another outrageously talented performer like Daniel Bryan . Bryan got a leg up the following year when he was signed into the World Wrestling Federation's development system.
Giants to sign Nate Solder and Kareem Martin
Solder will receive a four-year, $60 million contract with a guarantee of about $35 million, a source told ESPN's Adam Schefter . Gettleman has earned the signings of former Arizona Cardinal's LB Kareem Martin , and left tackle for the Patriots Nate Solder .