Markets face biggest losses of year amid US-China trade war

The U.S. has labeled China a "currency manipulator" as China vows to retaliate against the new 10% tariff on $300 billion worth of goods.
1:54 | 08/06/19

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Transcript for Markets face biggest losses of year amid US-China trade war
And we move over to the stock exchange where stocks plunged yesterday because of the ongoing trade war with China on US indexes logging their biggest drops. Of the entire year so Rebecca Jarvis is at the New York Stock Exchange with more Rebecca. There Kimberly these trade talks have reached a critical juncture. With the US officially now labeling China. Of currency manipulator and China vowing to retaliate against the new 10% tariff on 300 billion dollars worth of Chinese goods coming to the US. Beginning next month that retaliation from China. In particular hitting US farmers hard. We need to send a huge amount of soybeans to China and now China is saying they're going to cut that off in light of the recent round of here S. Those terror hands by the way Kimberly are on multiple items that consumers here in the United States by everything from toys. To furniture. Clothes shoes electronics. They are all at play in this and those prices will very likely go up as companies have to absorb those rising tariffs cost. And very likely will pass the mock QUS consumers. Is important to note that US company is. They would like to see a more even playing field they don't deny the fact that China is stealing IP for example one in five US companies. Have have their IP stolen by China it is an issue at the same time. Consumers and businesses are paying for these tariffs and that is what has been. Roiling the markets roiling investors because the reality is that these companies will see impact on their bottom line. From the terrorists and the question is how long does this dispute last that's the question on Wall Street's mind and also. What is the end game Kimberly. All right Rebecca Jarvis right there at the stock exchange thank you so much.

This transcript has been automatically generated and may not be 100% accurate.

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