U.S. job growth likely slowed in March amid mass firings of public sector workers to slash federal government spending and reluctance by businesses to increase hiring because of import tariffs that have put the economy’s health in peril.

The Bank of Japan may raise interest rates once more this year then pause, as U.S. President Donald Trump’s tariffs inflict deeper pain on the export-heavy economy, former central bank board member Makoto Sakurai said on Friday.

Asian stocks extended steep losses on Friday as fears of a global recession intensified following U.S. President Donald Trump’s announcement of sweeping trade tariffs. 

Oil prices fell by as much as 3% on Thursday after U.S. President Donald Trump announced sweeping new tariffs that investors worry will enflame a global trade war that will curtail economic growth and limit fuel demand.

Asian stocks tumbled on Thursday, with Japan leading the declines, after U.S. President Donald Trump unveiled sweeping 10% tariffs on most imports and much higher reciprocal duties on some countries.

Potential U.S. tariffs on imported apparel and footwear could significantly impact the retail sector, with analysts assessing price increases, supply chain shifts, and consumer demand elasticity.