The White House was hours away from announcing a proposal this week to spin off the popular video app TikTok when the Chinese government shattered the idea, saying it would not approve of any deal without first discussing President Donald Trump’s tariffs and trade policy,

Aides struggled to satisfy the president’s competing priorities before settling on a plan to both raise revenue and boost corporate onshoring.

President Donald Trump’s sweeping new tariffs are facing blowback from all corners – a market sell-off, foreign retaliation, anger from corporate America and skepticism from the Federal Reserve chairman and some allies in Congress.

The FTSE 100 fell on Friday in its worst day of trading since the start of the pandemic while markets on Wall Street also tumbled.

President Donald Trump offered a rosy assessment after the stock market dropped sharply Thursday over his tariffs, saying, “I think it’s going very well.”