A U.S. Senate bill that would require congressional approval for new tariffs gained more Republican support on Friday, in the second day of a stock market rout sparked by President Donald Trump's move to impose sweeping new taxes on imports.

"At a time when Americans are tightening their belts, we would do well to avoid policies that heap on the pain."

Senator Mitch McConnell has criticised the new tariffs announced by President Donald Trump, cautioning the United States against picking fights with its allies. On Thursday, McConnell stated that tariffs would make it more expensive to do business in America and drive up costs for producers and consumers across the board.