Trump’s escalation sent financial markets tumbling and left U.S. retailers warning that they might run out of goods as U.S.-China trade implodes. U.S. consumers, worried about the prospect of empty shelves and higher prices, are losing confidence in the economy.

President Donald Trump remains firm that the United States is not going to unilaterally reduce tariffs on Chinese goods without concessions from China, the White House said on Friday, hours after Trump floated the idea of reducing the current rate of 145% down to 80% as the two sides prepare for talks between in Switzerland.

President Donald Trump suspended refugee admissions from most nations, but the U.S. is taking in white South Africans known as Afrikaners.

The Trump administration is working to bring the first group of white South Africans it has classified as refugees to the United States early next week, The New York Times reported on Friday, citing officials briefed on the plans and documents obtained by the newspaper.

White Afrikaners from South Africa will be allowed into the U.S. under refugee status, with the Trump administration saying they're suffering from racial discrimination in the country.