A Boeing jet earmarked for China was returning to the United States on Friday, flight tracking data showed, as the planemaker's flagship delivery plant outside Shanghai was drawn into a deepening tariff war between Beijing and Washington.

China now faces U.S. tariffs of up to 245%, the White House said last night as it unveiled a probe into critical minerals. But that total appears to apply only to two types of goods—electric vehicles and syringes—and isn’t new.

China has shrugged off the latest U.S. tariff hike, dismissing the Trump administration's threats as a "meaningless tariff numbers game." Newsweek reached out to the White House by email with a request for comment.

Japan recorded a trade deficit for the fiscal year that just ended but racked up a $63 billion surplus with the United States

Japan's government warned of uncertainty over the impact of U.S. trade policies as tariffs could hurt the global economy but it also said in a monthly report on Friday that the domestic economy was recovering moderately thanks to a solid corporate sector.

Ahead of a trade meeting, President Donald Trump said "trade fairness" and the "cost of military support" were both on the table.

As tariff uncertainty continues, the Federal Reserve is growing more concerned. “The level of tariff increases announced so far is significantly larger than anticipated, and the same is likely to be true of the economic effects,