President Donald Trump goaded China on Friday after the United States' chief economic rival retaliated against his tariffs, and he dismissed falling stock markets over the growing global trade war, touting it as a chance to "get rich."

"China played it wrong, they panicked -- the one thing they cannot afford to do!" Trump posted on Truth Social, writing the message in his trademark all-caps.

For a second straight day, markets plunged, wiping vast sums off investment and retirement portfolios alike. US Federal Reserve Chairman Jerome Powell warned the tariffs were likely to spur "higher inflation and lower growth."

Wall Street went into free fall, following similar collapses in Asia and Europe. The Dow Jones dropped 5.5 percent and the S&P 5.97 percent.

Losses in US financial markets were estimated at more than $6 trillion since Trump unveiled his "Liberation Day" tariffs.

Trump, who unveiled his barrage of import duties against dozens of countries Wednesday, was unrepentant, posting that "my policies will never change."

"This is a great time to get rich," he........

© International Business Times