Trump addresses stock market losses, China trade deficit

Fed Chair Jerome Powell talked about the current economic outlook at the Society for Advancing Business Editing and Writing Annual Conference Friday and gave his insight on the tariff situation.

Powell said that tariffs will likely raise inflation and slow down growth in the coming quarters.

"The size and duration of these effects remain uncertain. While tariffs are highly likely to generate at least a temporary rise in inflation, it is also possible that the effects could be more persistent," he said.

Powell added the U.S. is "well positioned to wait for greater clarity before considering any adjustments to our policy stance. It is too soon to say what will be the appropriate path for monetary policy."

President Donald Trump said in a Truth Social post Friday that he had a "productive call" with Vietnamese President To Lam.

Trump claimed the Vietnamese leader "wants to cut their Tariffs down to ZERO if they are able to make an agreement with the U.S."

The call comes after Trump announced a 46% tariff on Vietnamese imports during his reciprocal tariff events on Wednesday.

-ABC News' Michelle Stoddart

President Donald Trump appears to be responding to China's announcement of a retaliatory tariff against all U.S. goods.

"CHINA PLAYED IT WRONG, THEY PANICKED - THE ONE THING THEY CANNOT AFFORD TO DO!" Trump posted on his social media platform on Friday.

The president has no public events on his schedule, but has been posting on his social media site frequently as backlash to his tariff plan continues.

The stock market fell further on Friday, with major indexes down at opening.

The Dow Jones Industrial Average plummeted 925 points, or 2.25%, while the S&P 500 dropped 2.4%. The tech-heavy Nasdaq declined 3%.

The slumps come after China announced retaliatory tariffs against the U.S. overnight.