BREAKING: Trump says China ‘panicked’ as global trade wars heat up

Trump wrote on Truth Social, "China played it wrong, they panicked - the one thing they cannot afford to do!"

After Trump's announcement on Wednesday that there would be an increase on tariffs on China as well as many other countries, China said it would impose a 34 percent tariff on US goods.

According to CBS News, China announced that on top of the tariffs on US imports, the Chinese government said that it would be adding 27 US companies to a list of firms whose goods are under heavy sanctions and export controls. The export controls are over several rare earth minerals used in high-tech products such as computer chips as well as others.

The rare minerals include samarium, gadolinium, terbium, dysprosium, lutetium, scandium, and yttrium. After Trump's announcement on Wednesday, markets dropped in response to the tariffs. For China, the president said that the US would be imposing a tariff of 34 percent on the country.

China also said that it would be filing a lawsuit with the World Trade Organization over the tariffs imposed by the Trump administration. Some nations have voiced the desire to work out a deal with the Trump administration in response to the tariffs, while others, like China, have promised to retaliate with their own trade barriers.

In another post on Truth Social Trump made Friday, the president encouraged companies to invest in the United States: "To the many investors coming into the United States and investing massive amounts of money, my policies will never change. This is a great time to get rich, richer than ever before!!!"