Trump’s tariffs are sending shockwaves through global markets on fears of an escalating trade war. Follow along for live updates.

Mr. Trump insists that these actions are his way of standing up for farmers and ranchers. Other nations such as Japan, China and India have charged higher tariffs than the U.S. for importing American farm goods.

And ahead of this weekend’s “Meet the Press,” Kristen Welker goes through the three key questions Trump and his administration face on the tariffs. Plus, we answer a reader question about Elon Musk’s role in government.

On Friday, Japan's benchmark Nikkei 225 fell by another 3.5%, Australia's ASX 200 was down more than 2%, and Singapore's Straits Times Index was almost 3% lower. South Korean stocks are also losing ground but that appears to be related to the country's constitutional court upholding the impeachment of President Yoon Suk Yeol.

Cathie Wood warns Trump’s tariffs could tip the U.S. into recession — but says innovation and smart policy could fuel a stronger recovery.

California Gov. Gavin Newsom sent a message directed at world leaders on Friday in an attempt to blunt the retaliatory tariffs expected after the Trump administration's "Liberation Day" plans. In videos posted to his social media accounts,

The president had initially given China’s ByteDance until Saturday to sell or divest its U.S. TikTok business. The company now has 75 additional days.

Trump’s sweeping new tariffs, on top of previous levies and retaliation worldwide, are expected to increase prices for everyday items. The trade wars have already roiled financial markets and plunged businesses into uncertainty — all while economists warn of potentially weakened economic growth and heightened inequality.

Markets are facing their worst crisis since the COVID crash after China matched President Donald Trump’s big raise in tariffs following the president's "liberation day" announcement.