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>> Fear of a protracted trade war between the world's two biggest economies. China and the US, knocking the wind out of global stock markets Tuesday. The Dow dropped nearly 300 points, enough to wipe away the year's gain. Stocks across Europe and Asia tumbled as well. Fueling the anxiety, President Trump threatened to slap a 10% tariff on $200 billion worth of wide ranging Chinese exports.
On top of the tariffs on $50 billion in goods set to go into effect on July 6th.>> You see what's happening with China. We have no choice. This should have been done many years ago. Now, maybe something happens where they come, and they say, we agree, it's been unfair for the last 25 years.
But somehow that doesn't seem to work so easily.>>
But we're going, and we're going to make it fair.>> As Reuters' Tony Monroe points out, from Beijing. China described the threat as, quote, blackmailing, and vowed to match the tariffs with punitive measures of its own.
>> China only imports about $130 billion worth of goods from the United States. China would have to find other ways to retaliate. There are plenty of things it could do, it could make life more difficult for US businesses operating here in China. It could slow things down at ports, it could step up inspections at ports, it could step up fire inspections at US factories.
>> And that puts US companies on the front line, a quarter of all Boeing planes were delivered to China last year. Technology companies like Intel, Qualcomm, and AMD have big exposure to China as well, and so do American farmers. They are the world's second biggest exporter of soy beans, and China is the world's biggest buyer.
Soy bean prices plunged to their lowest in a decade, as neither side appears willing to back down.