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Transcript

00:00:00
>> President Donald Trump on Tuesday fired another shot in an escalating trade skirmish with China. The White House unveiled the specifics of its plan to slap tariffs on $50 billion worth of Chinese goods. The sweeping list hits a range of high-tech imports, including aerospace, information technology, communications, and robotics.
00:00:22
Trade reporter David Lauder says the markets all worry this may lead to a dreaded trade war.>> This list covers about 1,300 individual product items that would be imported from China. It's largely industrial products, it's electronic components, light emitting diodes, semiconductor devices, things that don't necessarily hit the consumer very hard.
00:00:47
What you don't see in the list are cellphones, tablets, laptop computers, these are items that are imported from China. But the tariffs on this list could raise some prices for consumers such as for flat-panel television screens.>> The move coming after China, on Monday, imposed its own tariffs on 128 products made in the US, everything from pork to wine, to fruit and nuts.
00:01:11
>> We've had a few early volleys going back and forth in what could become a trade war between the United States and China that could be very damaging to the world economy.>> But Trump is brushing off critics even after the uproar following those steel and aluminum tariffs last month.
00:01:27
Trump's sticking to a campaign pledge to take a tougher line on global trade regardless of the risks. A recent investigation ordered by Trump accused China of a long list of trade abuses including coercing US firms into handing over their technology secrets as a price of doing business, which China has denied.
00:01:46
>> The Chinese here have already said that they plan to respond in kind to the latest list of US tariffs, so what you could start to see is more retaliation. Now, what economists and the market is concerned about is that this could escalate to the point where it starts to choke off global growth.
00:02:05
>> US Trade Representative Robert Lighthizer says, the $50 billion covers the harm caused to US businesses over quote, unreasonable technology transfer policies.
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