The S&P 500 and the Nasdaq each declined more than 2%. He said in a Friday morning interview that tariffs targeting China could cause some "pain" in the USA economy, but promised that America would emerge stronger as a result.
Most of the Dow finished in positive territory, with Home Depot, Microsoft and Nike all winning more than two percent.
The market had been interpreting Trump's proposed tariffs as negotiating tactics meant to extract concessions out of China rather than a rigid position.
While Kudlow insisted that "we are not in a trade war", he told Bloomberg earlier Friday that talks between the two countries "have not really begun".
Brent crude futures fell US$1.22 to settle at US$67.11 a barrel, while U.S. West Texas Intermediate (WTI) crude futures settled down US$1.48 at US$62.06.
"Our objective is still not to be in a trade war with [China]", Mnuchin said.
11 personnes soupçonnées de "tournante" placées en garde à vue — Nord
Alertés, les pompiers et la police sont arrivés sur place peu de temps après les faits, et l'adolescente avait été hospitalisée. Elle aurait été victime de ce que l'on appelle une " tournante", plusieurs viols en réunion.
The Dow and the S&P 500 had posted gains for a third day in a row on Thursday, the longest streak in about a month, as investors' worries of an escalating trade conflict between the United States and China eased and their focus on upcoming earnings grew.
"If protecting United States intellectual property is the ultimate goal here, I'm not sure how destroying shareholder wealth, damaging CEO confidence and making the American farmer the main sacrificial lamb here after [six] years of pain on the farm is going to get us there", Peter Boockvar, chief investment officer at Bleakley Advisory Group, wrote in a note Wednesday.
Stocks are falling sharply again as trade tensions heat up between the US and China. Among technology companies, Apple gave up $4.42, or 2.6 percent, to $168.378 and PayPal shed $3.09, or 4 percent, to $73.86. "I am much closer to President Trump on China than I was to President Bush, Republican, and President Obama, Democrat, because they let China get away with everything", he said.
U.S. companies seen as more likely to be hit by trade tensions with China were among the biggest drags on the Dow, including Boeing, down 3.1 per cent. While the German DAX Index is down by 0.3%, the French CAC 40 Index and the UK's FTSE 100 Index are both down by 0.1%.
The Federal Reserve is on track to raise interest rates three times this year, but the Fed could speed up its plan if inflation creeps higher.
Tim Tebow makes Double-A debut with Binghamton Rumble Ponies
He was hampered by a left ankle sprain and had been used exclusively as a designated hitter or pinch hitter because of the injury. Yes, Tebow hit.226 with a.656 OPS last season at the A level of the Mets organization, but he really struggled this spring.
After a big early loss, USA crude dipped 14 cents to $63.37 a barrel in NY while Brent crude, used to price global oils, fell 9 cents to $68.03 a barrel in London.
Stocks dipped further after Trump criticized the World Trade Organization on Twitter Friday morning and the losses worsened in the afternoon.
In other energy trading, wholesale gasoline dipped 3 cents to $1.95 a gallon.
A spokesman said: "The US and China would suffer significant slowdown in real GDP growth - a cumulative loss around 1.0 percentage point". Silver edged up 1 cent to $16.36 an ounce.
The yield on the 10-year Treasury fell to 2.78 percent. The Philadelphia semiconductor index fell 3.1 per cent.
CURRENCIES: The dollar slipped to 107.39 yen from 107.40 yen The euro rose to $1.2235 from $1.2241.
Une belle journée ensoleillée — Météo du jour
Des cumulus inoffensifs se développeront en fin de matinée, ils seront surmontés par moments de bancs de nuages d'altitude. Les températures minimales seront fraîches sous un ciel généralement dégagé, elles iront de 1 à 8 degrés d'est en ouest.
The pan-European FTSEurofirst 300 index, which closed before Powell's speech, fell 0.4 per cent, but ended the week 1.15 percent higher.