US stocks cratered on Friday with the Dow Jones Industrial Average plunging more than 2,200 points after China stoked trade-war fears and Fed Chair Jerome Powell warned of higher

Stocks nosedived for the second straight day on Friday as fears grow that an escalating global trade war will cut into corporate profits and stall economic growth.

The AP reported that Powell’s focus on inflation implies that the Fed will likely keep its benchmark interest rate unchanged at 4.3%. Wall Street investors now expect five interest rate cuts this year, a number that has increased since President Donald Trump announced the tariffs on Wednesday.