China is the third-biggest buyer of U.S. agricultural products. Now that it has punched back with tariffs on American goods, farmers can expect to feel the pain.

Donald Trump on Saturday claimed China has been hit harder than the United States in the ongoing trade war triggered by the former's imposition of reciprocal tariffs on most countries. A day after the US stock markets plummeted, evoking fears of a global recession, the US President claimed the country had been treated "unsustainably badly".

Then there is the risk to sales in China, he adds. Apple’s revenues in the country fell by 8% last year, mostly because of weakness in demand for iPhones and iPads. Chinese consumers may accelerate that slide by treating Apple as a scapegoat for Mr Trump’s antics. The appeal of home-grown alternatives, such as Huawei, Oppo and Xiaomi, is growing.

The deal remains in limbo, hostage to the emerging trade war between the U.S. and China. On Friday, Trump said he is extending the deadline for TikTok to be banned or sold off by its Chinese-owned parent company, ByteDance.

Stocks were in free fall again Friday as markets saw their worst week in years. The trade war heated up as China responded to President Trump with their own 34 percent tariffs on imported U.S. goods.

U.S. stocks plunged at the opening bell Thursday after President Trump rocked global markets, announcing tariffs that would affect almost all imports into the United States.

U.S. markets dropped Friday morning after China announced retaliatory tariffs of 34% on all goods from America. The move came two days after President Donald Trump imposed a far-reaching "reciprocal tariff" policy,