NEW YORK — U.S. stocks tumbled further on Friday after China retaliated against new Trump administration tariffs with its own tariffs and other trade restrictions on American businesses as investors worry about a looming trade war and a global recession.
Major U.S. indexes dropped in morning trading, extending losses from Thursday, as investors flock to safe-haven assets. Federal Reserve Chair Jerome Powell, meanwhile, warned the larger-than-expected tariffs could have a long-lasting impact on inflation and economic growth.
