Markets on edge amid US trade war with China

"We are right where we want to be with China," President Donald Trump tweeted Sunday, after more than doubling tariffs on $200 billion in Chinese goods.
1:46 | 05/13/19

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Transcript for Markets on edge amid US trade war with China
We go to the white house now and president trump's escalating trade war with China. Financial markets on edge this morning after the president imposes new tariffs, threatens more with both sides far from a possible deal. Our senior national correspondent Terry Moran is tracking it all. After the president imposed those tariffs candid concessions from his top economic adviser. Reporter: That's right. Donald Trump's top economic adviser Larry kudlow is contradicting the president. Donald Trump once said trade wars are easy to win an claims China is the only one paying in this but kudlow saying yesterday the American consumers now caught in the cross fire. Prices on consumer goods like televisions and cars and even some food items, beauty products, they're going to go up and the president says it's all worth it. He like other presidents has been targeting China's unfair trade practices. He's using the tariffs but he wants to tell people there's no there's wrong. There will be. There will be pain. He's tweeting about it again this morning and it's unclear when and whether these new negotiations will take place, whether they can be successful. Reporter: That's right. These two side, China and the United States, the two largest economies at loggerheads, close to a deal. That's fallen apart. They're scheduled to talk next month but this is a long way from being done. Terry, on another front also a great deal of uncertainty about whether the special counsel, Robert Mueller, is going to testify to congress. It was first scheduled or at least of coursed for this week. Reporter: That's probably not going to happen, George, even Democrats on the house judiciary committee who want to hear from Robert Mueller acknowledge that he's probably not going to show up. The attorney general has said he's got no problem, bill Barr says he's got no problem with Robert Mueller showing up and testifying before congress. Donald Trump who is the boss ultimately may have other ideas, George. So a lot of uncertainty there. Terry, thanks very much.

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

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