China on Friday struck back at President Trump's ballooning tariffs, raising its duties on imports of US goods to 125% from 84%. The countermeasures will come into effect Saturday, further intensifying a US-China trade war that has roiled US stocks.

Trump defended the tariffs he imposed on other nations but acknowledged some problems with the rollout in a meeting with his Cabinet, "but in the end it's going to be a beautiful thing." Meanwhile, the White House raised the tariffs on all Chinese exports to 125% after Beijing's latest round of retaliation -- that's in addition to the 20% fentanyl-related tariffs imposed in early February,

Shares of Apple and Tesla have lost more than 10% since “Liberation Day” during the stock market rollercoaster.