By Stefan J. Bos, Chief International Correspondent Worthy News
NEW YORK/BEIJING (Worthy News) – More stock market investors ran for the exit Friday, further erasing trillions in stock value, after China announced 34 percent across-the-board tariffs on imports from the United States.
China’s Finance Ministry said it would launch tariffs on American goods on April 10, equal to those imposed by U.S. President Donald J. Trump on Chinese products.
Later in the day, several sources said a deal to spin off the U.S. assets of social media platform TikTok was put on hold as Beijing indicated it would not approve the deal following President Trump’s tariffs announcement this week.
Trump on Friday extended by 75 days a deadline for ByteDance to sell the popular short video application’s U.S. assets to a non-Chinese buyer. If not, Worthy News learned, TikTok faces a ban in the United States that was supposed to have taken effect in January under a 2024 law.
Trump’s China rates are part of his worldwide tariff plan, which has rattled markets.
The White House and its allied Fox News broadcasters suggested not looking to Wall Street but to the positive impact of Trump’s policies on “Main Street,” the average hardworking American.
Yet that optimism wasn’t shared by everyone, with S&P 500 index companies erasing $5 trillion in stock market value since U.S. President Trump unveiled sweeping tariffs on Wednesday.
NASDAQ WORRIES
The technology-dominated Nasdaq exchange confirmed it was in a bear market, ending more than 20 percent below its record-high close, while oil prices and other commodities plunged.
Similar turmoil occurred at other stock exchanges, including in London, where the FTSE 100 index of leading shares closed more than 7 percent lower than Monday—its worst week of trading since late February 2020, when anxiety about the COVID-19 pandemic was gripping the markets.
Yet moments after the bell ended a shaky trading day, the White House sent a press release celebrating Trump’s “WEEK 11 WINS” and praising the president for unleashing “Economic Prosperity.”
The email landed minutes after routed U.S. markets marked the first time the Dow Jones Industrial Average index shed 1,500 points two days in a row.
“It was another highly successful week for the American people as President Donald J. Trump continues his relentless pursuit of strength, prosperity, and peace — and lays the foundation for America to be the global powerhouse for generations to come,” the White House said.
The release highlighted the Trump administration’s immigration efforts, including a sharp decline in illegal border crossings into the U.S. and a series of arrests of alleged gang members.
Despite a gloomy market outlook, it gave a rosy assessment of Trump’s tariffs announcement in the Rose Garden of the White House.
TRUMP’S PLAN
Trump also “implemented his bold plan for reciprocal trade as he seeks to reverse the decades of globalization that has decimated our industrial base,” the White House stressed.
The White House also pointed to favorable manufacturing-related announcements from companies such as Nissan and General Motors.
While a brutally battered stock market limped toward the finish line Friday afternoon, Trump delivered a defiant statement to his Truth Social media platform followers.
“ONLY THE WEAK WILL FAIL!” Trump wrote in the post.
Observers noted that the rallying cry struck a similar chord to Trump’s earlier all-caps declaration Friday morning that his policies will “NEVER CHANGE”—even as his tariff announcement sparked a massive sell-off.
U.S. Senate Minority Leader Chuck Schumer, however, roasted Trump for visiting one of his Florida golf courses as stock markets plummeted due to the fallout from the tariffs.
“While we’re here doing all of this, it’s my understanding that Donald Trump’s out at a golf course,” Schumer told reporters as he said he and other Democrats would force a vote on an amendment to rescind specific tariffs.
CADDYING TODAY?
“Now I don’t know if he’s playing today or if he’s caddying for somebody,” the New York lawmaker said. “I don’t know if anyone trusts him to caddy, but that’s what he’s up to.”
However, President Trump apparently wanted to convey a “don’t panic” message to Americans, including those who own stocks.
He said on Truth Social that investors were pouring large amounts of money into the U.S. and that this was a “great time to get rich.”
“To the many investors coming into the United States and investing massive amounts of money, my policies will never change. This is a great time to get rich, richer than ever before!!!”
In a later post, Trump said Friday’s stronger-than-forecast jobs report proved his policies were working.
“Great job numbers, far better than expected. It’s already working. Hang tough, we can’t lose!!!” he said.
Yet his words did little to prevent one of the worst market selloffs in years.
Since January 17, the Friday before Inauguration Day, the U.S. stock market has seen $9.6 trillion in value erased, according to data from FactSet and Dow Jones Market Data. Of those losses, $5 trillion was erased on Thursday and Friday, the largest two-day loss on record.
Copyright 1999-2025 Worthy News. This article was originally published on Worthy News and was reproduced with permission.
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