Wall Street investors bailed out of U.S. stocks on Friday after President Donald Trump threatened a "massive" tariff increase on China amid a dispute over rare earth minerals.

The Chinese Ministry of Commerce said the controls, issued Oct. 9, were part of Beijing's effort to "better safeguard world peace and regional stability."

This was almost the perfect storm coming together,” he warned. Meanwhile, White House budget office said Friday that mass firings of federal workers have started and could to

Amid growing concerns that the U.S. and China could reignite a trade war through ultra-high tariffs and export controls, U.S. President Donald Trump stated on the 12th, “The U.S. does not seek to harm China but to help it,