Trump addresses stock market losses, China trade deficit

China will impose a 34% tariff on all American goods in response to President Donald Trump's "Liberation Day" measures, the country's tariff commission said on Friday.

"The U.S. practice is inconsistent with international trade rules, seriously damages China's legitimate rights and interests and is a typical unilateral bullying practice," the commission said in a statement.

China was hit with 34% tariffs on top of 20% tariffs Trump previously announced.

In response, a Chinese Ministry of Commerce spokesperson urged the U.S. to "immediately cancel its unilateral tariff measures and properly resolve differences with its trading partners through equal dialogue."

The tariffs will "endanger global economic development and the stability of the supply chain," they added.

-ABC News' Karson Yiu

As the stock market plunged on Thursday, Vice President JD Vance sat down with Newsmax, where he echoed President Donald Trump, saying the stock market will boom because there's reinvestment into the United States.

"We're going to have a booming stock market for a long time because we're reinvesting in the United States," Vance said.

"We care the most about American workers and small businesses. They're the ones who are really going to benefit from these policies," he added.

Vance then suggested that there will be "some transition" that comes with the tariffs; however, pivoted to outlining the administration's goal of trying to get new investments into the United States.

"Yes, there is some transition that's going to come along with this, but you're already seeing the evidence that things are getting better," Vance said. "Egg prices are lower, energy prices are lower. You've got trillions of dollars of new investment coming into the country. That's people who are building factories because they want to avoid the tariffs," he added.

-ABC News' Kelsey Walsh

Trump was asked if he was open to speaking to any of the countries affected by the tariffs and he said it depends on what they were offering.

"For instance ... we have a situation with TikTok where China will probably say, we’ll approve a deal, but will you do something on the tariff? The tariffs give us great power to negotiate," he said.

Trump told reporters that tariffs on computer chips and pharmaceuticals are being worked on and would be on a "level that you haven't really seen before."

"It's a separate category, and we'll be announcing that sometime in the near future, not too distant future. That's under review right now," he said without giving more details.