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Nonfarm payrolls increased by 228,000 jobs last month after a downwardly revised 117,000 rise in February, the Labor Department said on Friday. The report came amid a global stock rout and rally in safe-haven government bonds after U.S. President Donald Trump's sweeping tariff plans sowed fears about a global recession, with the sell-off deepening after China said it would impose additional levies of 34% on American goods.

Still, contracts continue to price a full percentage point of Fed rate cuts by year end, and some chance of a fifth cut, as investors worry an escalating trade war will sharply slow economic growth. Bets in short-term U.S. interest-rate futures on more aggressive Fed policy easing had surged overnight, after China announced its own tariffs to counter new U.S. import levies. U.S. employers added 228,000 jobs last month, the Labor Department's monthly jobs report showed, far more than even the most optimistic economist polled by Reuters had anticipated.

The total value locked (TVL) in decentralized finance (DeFi) has experienced a significant decline, falling over 30% since its peak in December 2022.

The hunt for cheap stocks begins.

WASHINGTON (Reuters) -The U.S. economy added far more jobs than expected in March, but President Donald Trump's sweeping import tariffs could test the labor market's resilience in the months ahead amid sagging business confidence and a stock market selloff. The Labor Department's closely watched employment report on Friday suggested steady momentum in the economy before the Trump administration's reciprocal duties announced this week, which unleashed threats of retaliation and rattled global financial markets. "This is a drop of good news in a sea of uncertainty, a footnote given the barrage of activities this week," said Olu Sonola, head of U.S. economic research at Fitch Ratings.

China slapped additional duties of 34% on U.S. goods, set to go into effect April 10. U.S. President Donald Trump on Wednesday announced 34% duties on imports from China along with a 10% baseline tariff on most goods flowing into the U.S., triggering a massive market meltdown on Thursday. Shares of Tesla and Apple - among companies with a large exposure to China - were down 8% and 4%, respectively.

Trump's tariff announcement continues to shake markets and is leading to shocking estimates from some analysts on how the price of goods might change for US consumers.