Wall Street had its worst week since 2020 as markets brace for the potentially devastating impact of President Trump's tariffs.

The imposition of new tariffs by Donald Trump has sent ripples through financial markets, causing a decline in both stock markets and bond yields.

After several years of consistent mortgage rate increases and soaring home prices, the prognosis for the 2025 housing market seemed promising at the start of the the year. However, recent economic and political instability has cratered consumer confidence and homebuyer optimism.

Over the past two days, more than $5 trillion of wealth has been erased from the U.S. stock market as investors react to the tariffs announced by President Trump. China’s retaliatory move today sent markets sliding.

After China announced new retaliatory measures against the United States, President Trump responded that Beijing “PLAYED IT WRONG.”

After having their worst day in five years Thursday, U.S. stock markets were poised to sink again Friday, as President Trump's tariff plan and Chinese retaliation weighed on investors. Why it matters: As opposed to Trump's first term,

Fallout from the Trump administration's aggressive global tariff regime continues to hit global markets and frustrate geopolitics, while the president has shown no signs of backing down. China hit back at Trump's punitive 34% tariff with its own levy of the same percentage on U.

The US president, who has vowed to remake the global trade order, dismissed concerns, noting the US jobs market is strong.

Steve Liesman, Senior Economics Correspondent for CNBC, Charlotte Howard, Executive Editor at The Economist and Michael Linden, Former Senior Advisor to President Biden at the Office of Management and Budget join Nicolle Wallace on Deadline White House with continued reaction to the fallout from the stock market plunge as a result of Donald Trump’s rollout of tariffs leading to widespread panic and uncertainty for American investors and consumers.