President Trump and Federal Reserve Chair Jerome Powell shared vastly different views Friday on the economic impact of Trump's sweeping tariff hikes that have sent stocks into a tailspin and sparked global economic concern.

Powell warned of "higher inflation and slower growth" — key indicators that the independent central bank uses when setting interest rates — while speaking at a conference just hours after Trump publicly urged the Fed to cut rates.

"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," Powell said. "Avoiding that outcome would depend on keeping longer-term inflation expectations well anchored, on the size of the effects, and on how long it takes for them to pass through fully to prices.”

Trump suggested on Truth Social early Friday that Powell, a fellow Republican, would resist rate cuts for political reasons.

“This would be a PERFECT time for Fed Chairman Jerome Powell to cut Interest Rates. He is always 'late,' but he could now change his image, and quickly,” Trump wrote. "CUT INTEREST RATES, JEROME, AND STOP PLAYING POLITICS!”

Stocks continued to tumble for a second day on Friday, despite a strong jobs report:

⬇️ Dow: -2,231 points (-5.5 percent)

⬇️ Nasdaq: -938 points (-5.67 percent)

⬇️ S&P 500: -317 points (-5.88 percent)

The plunge came after all three indexes had their worst single-day drop since 2020 on Thursday.

Trump traveled to Florida on Thursday, declaring as he departed the White House that his tariff plan was "going very well," despite the stock market fallout.

The Associated Press detailed how the president is spending his time down south: 

"He woke up on Friday morning at Mar-a-Lago, his private club in Palm Beach, and headed to his nearby golf course a few miles away after writing on social media that 'THIS IS A GREAT TIME TO GET RICH.' ...

The Republican president was not expected to appear publicly, although he’s scheduled to attend a candlelit dinner for MAGA Inc., an allied political organization, on Friday evening. He spent Thursday in Miami at a different one of his golf courses, where he attended a Saudi-funded tournament. He landed in Marine One and was picked up in a golf cart driven by his son Eric."

China announced Friday it will hit the U.S. with a 34 percent reciprocal tax on imports starting next week in response to Trump's tariff hike on Chinese goods.

“The US practice is inconsistent with international trade rules, seriously undermines China’s legitimate rights and interests, and is a typical unilateral bullying practice,” China’s State Council Tariff Commission said in a news release.

It further warned that Washington's new tariff policy "endangers global economic development and the stability of the production and supply chain" and slapped additional sanctions against U.S. entities.

"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 tariff commission said. 

Trump resets TikTok clock: Saturday was supposed to be the deadline for the U.S. ban on the video-sharing app TikTok, unless it cut ties with the Chinese government, but Trump extended the deadline Friday.

The president's move gives TikTok 75 more days of reprieve from the ban as negotiations progress. He linked the discussions to his newly announced tariffs in an announcement on Truth Social.

Republican senators have spent recent days processing the scale of Trump's "reciprocal” tariffs against trading partners and allies — and reacting with varying degrees of shock and alarm. 

• Sen. Lisa Murkowski (R-Alaska): "One of the things that I’m hearing from folks back home is they’re certainly afraid about what it’s going to mean for price increases, very afraid about that."

• Sen. Jerry Moran (R-Kan.): "Most Kansans, including agriculture, which is so affected, I think they were expecting something less dramatic ... I think most Kansans would say, 'Let's do this in a more gradual way.'"

• Sen. Ted Cruz (R-Texas): "If other nations that are our trading partners respond to yesterday’s announcement by lowering the tariffs that they impose on U.S. goods and services and the U.S. government in turn lowers the tariffs on their goods and services, that would be a good outcome. But if other nations jack up their tariffs and the results are high tariffs all around, that’s a bad outcome for the country."

• Sen. Ron Johnson (R-Wis.): "Tariffs are a double-edged sword, but this is something (Trump) fervently believes in and has felt this way for a long time."

• Sen. John Kennedy (R-La.): "What’s happening [in the markets] is not good. Now will it continue? Will we find the bottom and then it will start to go back up? I hope so. That’s what I’m pulling for. But if it doesn’t, we’ll have to recalibrate."

Trump's top officials sought to tamp down on tariff critics amid the growing fallout.

Secretary of State Marco Rubio told reporters in Brussels that the global financial markets will bounce back.

"Markets are crashing because markets are based on the stock value of companies who today are embedded in modes of production that are bad for the United States," he said.

Vice President Vance said in a Newsmax interview that the administration is "feeling good."

"Look, I frankly thought, in some ways, it could be worse on the markets, because this is a big transition," he said.