U.S. stock indices suffered staggering losses at Friday's market close, wiping out billions in market value after President Donald Trump's new tariffs sent shockwaves through the global economy.

Market Bloodbath:

• S&P 500 plunged 322.44 points (5.97%)

• NASDAQ Composite tumbled 962.82 points (5.82%)

• Dow Jones Industrial Average crashed 2,231.07 points (5.50%)

The selloff extended Wall Street's losing streak following Federal Reserve Chair Jerome Powell's warnings about tariff-induced inflation risks.

Fed Rate Cut Clash:
Hours earlier, Powell called for immediate interest rate cuts, stating "the timing is now ideal." Trump escalated tensions via Truth Social: "It's high time for Fed Chair Powell to CUT rates. Do it Jerome, and stop playing politics!"

Trade War Escalation:
The tariffs—set to take effect Saturday—represent:
• Minimum 10% duty on ALL U.S. imports (first such blanket tariff in 200 years)
• Higher "reciprocal treatment" tariffs coming Wednesday
• Unprecedented global trade confrontation