U.S. chip companies, banks and oil majors fell sharply on Friday after China retaliated to Trump's tariffs with steep duties, in an intensifying trade war between the world's two largest economies that cast a shadow on global growth.

For Tim Hsu, who sells modern lamps and ceiling lights mostly to American customers, US President Donald Trump’s historic tariff announcement has upended his carefully made plans.

The Chinese government said it would match President Trump’s tariff, and also barred a group of American companies from doing business in China.

Canada and other countries also readied retaliation after President Trump raised U.S. tariff barriers to their highest level in more than a century.

U.S. President Donald Trump's big raise in tariffs has triggered an escalating trade war and sent global markets plummeting. The S&P 500 fell 6% Friday, the Dow Jones Industrial Average plunged 5.5% and the Nasdaq composite dropped 5.

Lives Lived: Joe DePugh was a gifted young baseball player when he gave his clumsy teammate Bruce Springsteen the nickname Saddie because his athletic abilities were so sad. Years later, Springsteen memorialized his friend in the song “Glory Days.” DePugh died at 75.

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.

China responded to the 34% tariffs imposed by the U.S. on imports from China by announcing it will impose a 34% tariff on imports of all U.S. products beginning April 10. Taiwan’s president promised to provide support to industries most vulnerable to the 32% tariffs Trump ordered in his “Liberation Day” reciprocal tariffs announcement.

China announced it would retaliate against the Trump administration's tariffs by applying a 34% levy on U.S. goods.