Trump also slammed China, which retaliated against his sweeping tariff policy Friday with a new 34% tariff on U.S. goods.

Mr. Trump insists that these actions are his way of standing up for farmers and ranchers. Other nations such as Japan, China and India have charged higher tariffs than the U.S. for importing American farm goods.

President Trump's tariffs have sent the stock market spiraling and shockwaves through the American economy, affecting farmers, autoworkers and small business owners. "I've never seen anything like this,