Countries and industries were scrambling Friday to respond as President Donald Trump's latest tariffs hikes upend global trade and world markets.

China responded to the 34% tariffs imposed by the U.S. on imports from China by announcing it will impose a 34% tariff on imports of all U.S. products beginning April 10.

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."

"The markets are going to boom, the stock is going to boom, the country is going to boom," he said when asked about the market as he left the White House to fly to one of his Florida golf clubs.

Lebanon's new central bank governor vowed Friday that the institution will fight money laundering and the financing of "terrorism" and will work independently away from political intervention.

Karim Souaid, who was speaking after officially taking office in Beirut, added that he will work on restructuring the banking sector and public debt and returning money to depositors.

An obscure but consequential bookkeeping matter has become the latest flashpoint in Congress as Republicans labor to enact President Donald Trump's sprawling tax cut agenda.

Senate Republicans are looking to change how extending many of Trump's 2017 tax cuts would be scored when it comes to future federal deficits. The Congressional Budget Office has projected that extending the cuts would increase deficits by nearly $4 trillion over the coming decade.

World leaders are reacting with dismay, threats of countermeasures and calls for swift negotiations to make trade rules fairer in response to the sweeping new tariffs announced by U.S. President Donald Trump. But initial moves have been measured, suggesting key trading partners hope to avoid outright trade wars with the world's biggest economy.

Asian markets fell in Thursday trading and U.S. futures tumbled, setting up what could be a brutal trading day in the U.S. as investors brace for the economic shocks.

After weeks of White House hype and public anxiety, President Donald Trump is set Wednesday to announce a barrage of self-described reciprocal tariffs on friend and foe alike.

The new tariffs, coming on what Trump has called "Liberation Day," are a bid to boost U.S. manufacturing and punish other countries for what he has said are years of unfair trade practices. But by most economists' assessments, the risky move threatens to plunge the economy into a downturn and mangle decades-old alliances.

Protests that erupted across Turkey following the arrest of Istanbul's opposition mayor — the main challenger to President Recep Tayyip Erdogan — took a new direction Wednesday with calls for a one-day shopping boycott.

The student groups behind the call also urged businesses to close Wednesday.

The European Union will respond to the new tariffs set to be announced by the United States Wednesday "before the end of April", the French government spokeswoman said after a cabinet meeting.

"There will be two responses. The first, which will take place in mid-April, is a response to the tariffs already decided on steel and aluminium," government spokeswoman Sophie Primas said. "Then, there will be a detailed study, sector by sector, and a European decision should be announced before the end of April, in a coordinated, united, and strong way."

U.S. President Donald Trump said he was placing 25% tariffs on auto imports, a move the White House claims would foster domestic manufacturing but could also put a financial squeeze on automakers that depend on global supply chains.

"This will continue to spur growth," Trump told reporters Wednesday. "We'll effectively be charging a 25% tariff."

Prime Minister Nawaf Salam announced Thursday that he did not support the appointment of Karim Souaid as central bank chief for “a host of reasons,” including “keenness on protecting depositors’ rights and preserving the state’s assets.”