A top administration official signaled confidence that President Donald Trump’s trade plans will survive even if the sweeping global tariffs that pushed other countries to the negotiating table are ultimately deemed illegal.

The Trump administration’s tariffs are facing a major challenge in front of federal judges. Meanwhile, Mexico got a 90-day reprieve from higher rates.

U.S. President Donald Trump's latest wave of tariffs on exports from dozens of trading partners sent global stock markets tumbling on Friday and countries and companies scrambling to seek ways to strike better deals.

South Africa, which has a strained relationship with President Trump, is the only African country singled out in the announcement with a 30% tariff increase on August 7.

World shares retreated Friday following choppy trading on Wall Street that saw more losses and as investors assess President Donald Trump's order imposing new tariffs on 68 countries and the European Union starting in seven days.