Stan Choe contributed from NY.
The S&P 500 index dropped 55.43 points, or 2.1 percent, to 2,588.26.
The move has rattled markets and stoked fears of a trade war.
The FTSE 100 ended Friday down 0.44% at 6921.94 after falling to 6876, with the recovery helped by European Union leaders approving a Brexit transition deal. Benchmarks in Taiwan, Southeast Asia and India also posted sizeable losses.
Major indices had their biggest one-day drop since February 8 on Thursday.
The top-40 Alsi futures index lost 1.15% to 50,228 points on Friday, ending the week 3.28% lower. And then we expect the U.S.to retaliate further, " said Rob Carnell, ING's chief Asia economist.
Wall Street is bracing for more turbulence after China vowed not to back down in a trade war with the United States.
Mr Trump launched his protectionist agenda earlier this month - levying 25% tariffs on steel and 10% on aluminium - in a move created to save United States jobs but which critics fear could backfire and the Bank of England on Thursday warned risked damaging global growth. "The American consumers and enterprises will bear the brunt" of a trade war with China, Hua noted.
Trump has given his administration 15 days to come up with a list of tariffs, after which there would be 30 days of public consultation, and nearly certainly intense lobbying from within the United States. Shares of the German automakers BMW, Daimler and Volkswagen all declined Friday morning, reflecting the importance of the Chinese market to their sales.
News has reported that the threat of a trade war between the United States and China escalated Friday after Beijing issued a statement that it was willing to "fight to the end".
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On Thursday, Deutsche Bank sold shares in its DWS Asset Management unit on the stock exchange.
WH Group, the world's largest producer of pork after the takeover of Smithfields Foods by China's Shuanhui global in 2013, was among the worst performers on Hong Kong's Hang Seng index, falling up to 10 percent following the news of the intended tariffs.
However, Chinese authorities retaliated against increase in tariffs by targeting the US agricultural products that rely heavily on the Chinese export market.
Trump signed a presidential memorandum on Thursday that could impose tariffs on up to $60 billion of imports from China, but only after a 30-day consultation period that starts once a list is published.
For Europeans, the reprieve announced by the Trump administration from the protectionist measures could be brief.
The Commerce Ministry in Beijing urged Washington to negotiate a settlement, saying tariffs undermine the global trading system.
Washington this week said it would temporarily exempt Europe as well as countries including Brazil, Argentina, South Korea and Australia from the steep new steel and aluminium tariffs that Trump unveiled this month and which took effect Friday.
It wound up being the worst week for US indexes since January 2016.
"We urge the USA to cease and desist, make cautious decisions, and avoid placing China-U.S. trade relations in danger with the objective of hurting others that eventually end up hurting itself", the statement said.
The U.S. currency briefly rebounded to around ¥105.10 later, supported by Japanese importers' routine purchases, traders said. "The stakes are too high and there would be no victor".