The stock market took another pounding Friday after China retaliated with new tariffs on U.S. goods, raising fears a trade war will tip the globe into a recession.

China’s commerce ministry said Friday the country will impose a 34% levy on all U.S. products. This matches the tariff on Chinese goods coming into the U.S. unveiled by President Donald Trump on Wednesday.

Big tech stocks plunged in morning trading. Amazon fell 6%; Meta and Apple fell 5%; Tesla fell 4%; Nvidia fell 3%; Microsoft and Alphabet fell 2%.