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00:00:02
>> The first shots were fired in a trade war between the United States and China on Friday. Just past midnight east coast time, Washington launched tariffs on $34 billion dollars of Chinese imports as a deadline for negotiations past. China said it was forced to retaliate, meaning an equal amount of goods from the US would also face tariffs.
00:00:21
And it accused Washington of triggering the quote, largest scale trade war ever. However, after weeks of turmoil in the markets ahead of the deadline, on Friday world stocks recovered to their highest level in a week. Analysts say investors don't expect this first round of tariffs to do major immediate damage.
00:00:38
However, experts are afraid a drawn-out battle could disrupt the global economy. Reuters Tony Monroe is following the tariff fight from Beijing.>> There is more coming unless there is some sort of negotiation to halt this. Both sides are looking at further tariffs that would bring the initial total to 50 billion.
00:00:58
And then president Trump has threatened really to go much further and add tariffs on goods first of $200 billion dollars more from China going all the way up to more than $500 billion. Which of course would exceed the value of all Chinese imports to the United States last year.
00:01:19
>> And business sources in Washington and Beijing told Reuters there have been little sign of last minute talks between the two sides to find any kind of solution to the trade dispute. So what's on the US list of targets? US customs and border protection will collect 25% duties on a wide range of items from China.
00:01:37
Cars, computer disk drives, and parts of everything from valves to printers. What's out for this round at least consumer goods like cellphones and footwear. China's response list includes soy beans, a massive money maker for US farmers, as well as sorghum and cotton. Those targets are all lifeline crops for red states like Iowa and Texas that helped vault Trump into office during the 2016 elections.