Trump urges Americans to 'hang tough' on tariffs plan as markets tumble

Trump, in a post on Truth Social Saturday morning, wrote that his plan is already working with trillions of dollars already being poured into the U.S. economy.

This week's steep losses for the S&P 500 and the Nasdaq were among the worst in the past decade as stocks tumbled for a second day in a row. On Friday, the Dow Jones Industrial Average plunged 2,231.07 points, or 5.5%, while the S&P 500 and Nasdaq Composite fell 5.97% and 5.82%, respectively. The Nasdaq entered into bear market territory on Friday.

But Trump remains defiant that his plan will work in the long term as he aims to reduce America's trade deficit with other countries, protect American industries and bolster jobs by encouraging companies to move manufacturing back to the U.S.

"HANG TOUGH, it won't be easy, but the end result will be historic," Trump wrote. "We will, MAKE AMERICA GREAT AGAIN!!!" Trump wrote. 

Trump took aim at China after the communist country clapped back to Trump's Liberation Day tariff announcement with a reciprocal 34% tariff on U.S. imports.

"China has been hit much harder than the USA, not even close," Trump wrote. "They, and many other nations, have treated us unsustainably badly. We have been the dumb and helpless "whipping post," but not any longer."

"China played it wrong, they panicked - the one thing they cannot afford to do," Trump wrote Friday on Truth Social.

The back and forth has raised concerns about a global trade war and possible recession.

The new Chinese tariffs against the U.S. will go into effect on April 10, according to The Wall Street Journal.

Companies who sell their goods to China were hit hard on Friday, including those in aerospace, agriculture and heavy equipment.

Some of Thursday's biggest losers - banks, airlines and technology companies - sank again on Friday. Others, such as retailers, clothing and restaurants, were down but not nearly as bad. A handful, like Nike, even posted small gains on Friday.

The so-called Magnificent 7 stocks that have dominated the market the past few years had some of the heaviest losses. Apple, Microsoft, Nvidia, Alphabet, Amazon, Meta and Tesla have lost around $1.8 trillion in market value combined in the past two days.

Meanwhile, a conservative legal group is challenging President Trump's tariffs on China, calling them "an unlawful attempt" to make Americans pay higher taxes on Chinese imports. 

The Fox Business team and The Associated Press contributed to this report.