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President Donald Trump has said that China has "played it wrong" after the country announced that there would be an increase in tariffs retaliating against those imposed by the United States on goods from China.
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.
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