London (CNN Business) 1. Tariff hike: It's happening. The trade war between the world's two largest economies is escalating again, after the United States hit China with higher tariffs and Beijing pledged to retaliate.

The Trump administration raised tariffs on $200 billion worth of Chinese imports from 10% to 25% at 12:01 a.m. ET Friday.

Investors have been preoccupied with the trade fight all week, though the immediate market reaction was mixed.

Having started the day in positive territory, Japan's Nikkei Index closed down about 0.3%. The Shanghai Composite Index rose 3% and Hong Kong's Hang Seng Index jumped 0.8%.

All eyes will be on Washington as day two of trade talks with Beijing unfolds, and investors try to determine the path forward.

The first day of discussions did little to settle markets. The Dow closed down 0.5% on Thursday. The S&P 500 shed 0.3%, and the Nasdaq declined 0.4%.

2. Uber IPO: Trade could take some attention off Uber's Wall Street debut, billed as the year's most-hyped IPO.

The company will start trading on the New York Stock Exchange Friday with the ticker UBER.

The company priced its initial public offering at $45 a share on Thursday. That's at the low end of its original proposed price range of between $44 and $50 a share.

Still, the company will raise $8.1 billion and will rank among the largest US public offerings ever.

Lyft LYFT Uber has a tough road ahead. It needs to prove that it won't go the same way as competitor, whose shares have plummeted since its own IPO late March.

3. Earnings and economics: JD.com JD Marriott MAR Viacom VIAB andare set to release earnings before the open.

Anheuser-Busch InBev BUD The Asia unit of brewerfiled an application on Friday to list on the Hong Kong stock exchange as it prepares for an IPO later this year, according to the Wall Street Journal . The company is said to be targeting a valuation of $70 billion.

US consumer inflation data for April will post at 8:30 a.m. ET.