US President Donald Trump pledged on Friday to stick to his policies, even as new tariffs caused sharp declines in global stock markets. He promised that investors would benefit from his economic approach.

Cairo News Channel reported that Trump said in a post on his Truth Social platform: “For the many investors coming to the United States to invest vast sums of money, my policies will never change,” adding: “This is the time to get rich, richer than ever before.”

The US president added that China made a mistake after Beijing responded to the new US tariffs and unveiled countermeasures that included an additional 34% tariff on US goods.

"China played it wrong," Trump wrote in a post on Truth Social."They panicked."

China said it filed a formal complaint with the World Trade Organization today regarding new US tariffs, saying they violate WTO rules and requesting consultations.

Earlier today, China announced an additional 34% tariff on US goods, the most serious escalation in its trade war with the US president, which has fueled fears of a recession and triggered a wave of turmoil in global stock markets.

Trump previously announced the imposition of comprehensive tariffs on US imports from various countries around the world, with the aim of supporting the US manufacturing sector. The tariffs on China amounted to 34%, and imports from the European Union to 20%, in addition to tariffs of varying rates on a number of countries, and a minimum of 10% on US imports from all countries.