China retaliated against President Donald Trump’s new tariffs, while another U.S. trade partner said it was ready to negotiate. Meanwhile, the Trump administration tried to calm fears about a sustained downturn as stocks closed a second straight day of huge losses.

U.S. President Donald Trump and Vietnam's leader To Lam agreed on Friday to discuss a deal to remove tariffs, both leaders said after a phone call that Trump said was "very productive", as Hanoi escalated its campaign to dodge duties of 46%.

President Donald Trump said that Vietnamese leader To Lam is willing to eliminate tariffs to avoid punishing new US duties imposed on the Southeast Asian nation’s imports. Lam “told me that Vietnam wants to cut their Tariffs down to ZERO if they are able to make an agreement with the U.