Beijing increased its tariffs on U.S. imports to 125% on Friday, hitting back against President Donald Trump's decision to hike duties on Chinese goods and raising the stakes in a trade war that threatens to up-end global supply chains.

JPMorgan’s Jamie Dimon, known for his frankness, is tiptoeing around tariffs as he and other leaders of big banks reveal their latest earnings.

JPMorgan Chase CEO Jamie Dimon said Friday that US Treasury bonds remained a safe place in an unpredictable world as he warned of "considerable turbulence" facing the economy. US bond yields were up again early Friday, indicating weaker demand for US Treasuries, long considered a safe haven asset.

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Trump insists tariff policy is successful despite China's retaliation, causing market turmoil and global economic concerns.

JPMorgan Chase on Friday reported better-than-expected fiscal first-quarter results as big banks kicked off the new earnings season.

Jamie Dimon is the first Wall Street CEO to publicly address President Trump's sweeping tariff policy as global markets tumble.