It's Jim Kramer here.

You're listening to the opening bell of CBC Squawk on the Street. Don't miss a minute of the action. Good Friday morning, everybody. We made it. Welcome to Squawk on the Street. I'm David Faber with Jim Kramer. We're live from post nine at the New York Stock Exchange. Carl is on assignment. Let's give you a look at futures. We're getting ready to have the final trading session of a long week

and one of course with enormous volatility in fact even in the futures jim which had looked up

sharply until a little while ago not sure when a good pPI i don't know yeah i don't know you know

you know what that's what i've heard a lot last week i don't know. Yeah, I don't know. You know what? That's what I've heard a lot last week. I don't know.

All right. One man who does know, at least we hope he does, is Larry Fink. He's going to join us live and it's a first on CNBC. Good. Yeah, after Black Rocks, of course.

Let's start with the markets.

We are looking to bounce back from yesterday's sell-off as after Wednesday's historic rally.

The trade war, it's just intensifying, at least when

it comes to China and the U.S. Of course, China did announce now it's raising its own tariff on

U.S. goods to 125%. This in response, of course, to what is the 145% levy on Chinese imports. It is almost risible. Well, these are- When you say these- These are embargoes. We know it's just called embargoes. Beijing suggesting, Jim, that it will not match any further increases by the U.S. And says additional hikes by the Trump administration would be, quite, quote, a joke. Joke. I mean, we're at that point where it's like, all right, enough. We're done. Yeah. Like, what do you have it? Look, I don't think people at home may recognize, but there simply is, there'll be no traffic between the two countries. We'll be back to where we were. Right. When Nixon went to China. And the year after that, there was a billion dollars of business. we're heading back to where we were right when Nixon went to China and the year after that there was a

billion dollars in business we're heading back to the now I think there was a lot of buying

so that there was inventories will be heavy over here uh from those who do import from China

it'll take a while to work through that two and a half two and a half weeks from when this. So we'll be getting things for two and a half weeks, and then that will be it. Right. The confidence level of a Walmart. But I think they also put people pre-ordered and gotten stuff. Yeah, there's a lot of excess order. Meanwhile, you can also do something called apparently a bonded warehouse for goods where you don't have to pay that you don't actually take ownership of them at the port. And so you don't have to pay the tariff yet. You can put it in a warehouse and some companies are doing things like that in the hopes that the tariffs may go away in some period of time where they can just pay for the storage fee. But who knows? There's plenty of sense that something's going to happen that's going to take this away.

In fact, just because of what we saw the other day with it going to 10 percent, I don't see that at all.

I think these are very different kinds of tariffs.

I mean, this is a tariff where I think there's some people with the administration who actually ultimately have a goal of regime change.

Regime?

What? Regime change. Regime, what?

Regime change.

Where?

In China.

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