Ray Dalio, billionaire investor and founder of one of the world’s largest hedge funds, warned that US President Donald Trump’s tariff war has put the country near a recession and said he’s worried “something worse” than a recession could come.

But shares in TSMC, the world's largest contract chipmaker have slipped, after US President Donald Trump said he would announce a tariff rate on imported semiconductors over the next week. He did add however, that there would be flexibility on some companies in the sector.

China has put civilian government officials in Beijing on “wartime footing” and ordered a diplomatic charm offensive aimed at encouraging other countries to push back against U.S. President Donald Trump’s tariffs,

Any doubt that the president was “all talk” about tariffs has been put to rest amid a flurry of tariffs, threats and retaliatory duties.

National Economic Council Director Kevin Hassett joins Jake Tapper to respond to the growing economic fallout and concern over Trump’s tariffs.