Here are five things you must know for Friday, June 15:  

1. -- Stocks Tumble as U.S. to Impose Tariffs on China

U.S. stock futures were tumbling on Friday, June 15, as Donald Trump reportedly was set to impose tariffs on about $50 billion in imports from China.

Contracts tied to the Dow Jones Industrial Average I:DJI  declined 149 points, futures for the S&P 500 I:GSPC  fell 11.50 points and Nasdaq I:IXIC futures were down 19 points.

The Trump administration, which is expected to make an announcement on Friday, has made claims the additional tariffs are justified because of the theft of intellectual property by China. Reuters reported Friday that the U.S. also nearly has completed a second list of tariffs on $100 billion in Chinese goods.

A spokesman for the Chinese foreign ministry said Friday that China's response would be immediate and that Beijing would "take necessary measures to defend our legitimate rights and interests."

The U.S. economic calendar on Friday includes the Empire State Manufacturing Survey for June at 8:30 a.m., Industrial Production for May at 9:15 a.m., and Consumer Sentiment for June at 10 a.m.

In this environment, you need a tip from TheStreet's founder Jim Cramer. Watch below. 

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2. -- AT&T Closes $85 Billion Purchase of Time Warner

AT&T Inc. (T) - Get Report  closed the $85.4 billion purchase of Time Warner Inc. (TWX) on Thursday, June 14, two days after a judge cleared the deal by rejecting a Department of Justice lawsuit to block the transaction. 

The total price tag comes to $108.7 billion, including assumed debt. Following the blockbuster acquisition of the parent of HBO, Warner Bros. and Turner Networks, AT&T has $180.4 billion in net debt.

The DOJ informed the court on Thursday that it wouldn't request a stay and doesn't object to the closing of the transaction. The government was still considering an appeal, however.

Here's what you need to know about the deal.

3. -- Qualcomm's Buy of NXP Reportedly Gets OK From China

Chinese regulators have approved Qualcomm Inc.'s (QCOM) - Get Report proposed $44 billion acquisition of Dutch chipmaker NXP Semiconductors NV (NXPI) - Get Report , the South China Morning Post reported, citing two people with knowledge of the matter.

China was the last of nine nations to sign off on the deal. Antitrust regulators from the nine - including the U.S. and Japan -  had to sign off on the merger because of the potential impact on their economies.

Qualcomm shares rose 1.8% in premarket trading, while NXP was rising 3.1%.

Cramer is fresh off talking to Qualcomm CEO Steven Mollenkopf at TheDeal's annual corporate governance conference. TheDeal is a sister publication of TheStreet.

4. -- Top Facebook Strategist to Step Down

Facebook Inc.'s (FB) - Get Report top policy and communications executive, Elliot Schrage, will leave the social media giant after working at the company since May 2008.

"After more than a decade at Facebook, I've decided it's time to start a new chapter in my life. Leading policy and communications for hyper growth technology companies is a joy - but it's also intense and leaves little room for much else," Schrage wrote in a post on Facebook.

Schrage helped shape Facebook's response to the recent data scandal involving political firm Cambridge Analytica.

Facebook shares fell 0.4% in premarket trading.

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5. -- McDonald's Is Phasing Out Plastic Straws

McDonald's Corp. (MCD) - Get Report said Friday it would switch to paper straws at all its locations in the U.K. and Ireland, and test an alternative to plastic ones in some of its 14,000 U.S. restaurants later this year.

McDonald's declined to say what type of straw it would test in the U.S., only saying that it would be a "sustainable solution," the Associated Press reported.

The fast-food giant has faced pressure from customers and environmental activists to stop using plastic straws because they can end up in the ocean and harm sea turtles, birds and other marine life. 

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