China tariffs, Trump live updates

Trump’s schedule for Friday is clear, save for attending a “Candlelight Dinner” for the super political action committee MAGA Inc., according to the White House.

The dinner is at Trump’s Palm Beach club and residence, Mar-a-Lago. Trump arrived there Thursday evening after catching another dinner for the LIV golf tour at his Doral Golf Club in Miami.

— Kevin Breuninger

Snap-on CEO Nick Pinchuk said Friday that the company is “resistant to the effect, not immune” to the tariffs.

The manufacturing company currently has 80% of its products made in America, he said.

“One of the good things about the tariffs, and I don’t think there’s many good things, is the fact that it puts in rather harsh perspective how hard it is to manufacture,” Pinchuk said on CNBC’s “Squawk Box.”

Pinchuk said the true problem lies in America not having the skilled labor and the weight of regulations.

“The government needs to celebrate manufacturing for the special American calling it’s always been, rather than say it’s a consolation prize,” he said.

Finding the best and cheapest goods can go too far, Pinchuk added, and Americans already understood that reshoring was good. Instead, he said, the tariffs will introduce uncertainty into the grassroots economy.

“I think this could’ve been implemented in a much more thoughtful way, and actually, we didn’t need broad tariffs,” he said.

— Laya Neelakandan

China’s finance ministry on Friday said it will impose a 34% tariff on all goods imported from the U.S.

The China tariffs take effect on April 10.

The move follows Trump’s tariff announcement on April 2, where he instituted a 10% baseline tariff on all countries and much higher rates on many. He put a 34% tariff on China, though combined with preexisting tariffs, the effective rate is 54%.

“China urges the United States to immediately cancel its unilateral tariff measures and resolve trade differences through consultation in an equal, respectful and mutually beneficial manner,” the ministry said, according to a Google translation.

Read CNBC’s full article here.

— Ruxandra Iordache

The weekend is looking like a breeze for Trump — if not for stock market investors hammered by the fallout from his new tariffs.

The White House posted a tweet showing Trump walking with his hair, tie and suit jacket blown back from the wind, with the italicized message, “Almost Friday.”

The tweet’s jaunty vibe contrasted with a metaphorical bloodbath on Wall Street, where the major stock indices all suffered big drops.

— Dan Mangan

Nissan Motor’s luxury Infiniti brand has indefinitely paused production of two Mexico-built crossovers for the U.S. in response to the newly imposed 25% tariffs on imported vehicles by Trump.

In a memo to the brand’s retailers, Infiniti Americas Vice President Tiago Castro said QX50 and QX55 output for the U.S. is halted “until further notice” due to the tariffs, Automotive News reported Thursday.

A company spokesman confirmed the actions Thursday afternoon to CNBC and said the Japanese automaker is reviewing its “production and supply chain operations to identify optimal solutions for efficiency and sustainability.”

“We will continue to evaluate the impact, as well as market needs, to make any additional adjustments to production,” Nissan said in an emailed statement.

Separately, Nissan on Thursday confirmed it will maintain two shifts of production of the Nissan Rogue crossover at its Smyrna, Tennessee, plant that is free of the new auto tariffs.

Nissan had planned to scale back Rogue production in Smyrna to a single shift starting this month.

— Michael Wayland