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Transcript

00:00:00
>>
FOREIGN]
> China on Friday warned it was ready with a quote, fierce counterstrike to U.S. President Donald Trump's threat. To slap $100 billion more in tariffs on Chinese imports. raising the stakes in an already heated dispute between the world's two biggest economies.>> The Chinese and the U.S. economies have been deeply interrelated with both side's interest highly intertwined
00:00:27
>> U.S. has picked the wrong target in hitting China with trade sanctions.>> Reuters trade corrispondent David Lauder.>> So right now, we're at a stage of a lot of threats. Now, what that's doing is that's having an effect on markets. You are seeing agricultural commodity prices in the United States lower
00:00:45
>> Because of the threat and tariffs on beef and soy beans and the like. It's difficult to say when this goes from a stage of being a series of threats and disputes to being an actual war. One thing to keep in mind is that these tariffs are not yet effective.
00:01:04
They are not in place yet.>> Trump on Friday shrugged off fears of a trade war telling a New York radio show it's a war the US already lost years ago. Echoing a tweet of his from earlier in the week. On Friday he tweeted, China is considered a developing nation within the World Trade Organization.
00:01:22
They therefore get tremendous perks and advantages, especially over the U.S. Does anybody think this is fair? The president's latest tariff proposal doubles down on his initial $50 billion plan from last week. And comes after China, on Tuesday, matched that trade threat. Trump has taken aim at some 1300 Chinese imports, mostly technology related.
00:01:45
The President claiming China, quote, has repeatedly engaged in practices to unfairly obtain America's intellectual property. Wall Street has been rocked in recent days with investors anxious that a trade war with China could crush the global economy.