Transcript for Trump raises tariffs on Chinese goods
We begin with that breaking news overnight. Right at midnight president trump imposed new tariffs on $200 billion worth of Chinese imports to the U.S. This dramatic escalation comes just ahead of last-ditch talks with China promising to retaliate and American consumers caught in the middle and Terry Moran covering the latest from the white house. The president with tweets in the last several minutes on this. Reporter: He's busy on this because the stakes could not be higher. The world's two largest economies already locked in a trade war and now president trump escalating. As of today as you just pointed out massive new 25% tariffs. Those are U.S. Imposed government taxes on everything imported from China on thousands of goods from frozen fish to building materials to consumer goods like televisions, consumers are going to pay and so likely will China. That is the theory, anyway. President trump declaring he's different from other presidents. He doesn't back away from tariffs. He likes to impose them, use them as a weapon and argues China is to blame. There were months of negotiations on a trade deal and at the 11th hour the U.S. Says China started back-pedaling on key demands so the new tariffs were slapped on. It is a good time, president trump says, for the U.S. To do this. The U.S. Economy is strong, China is hurting. One thing we should say, in this list of tweets that the president has put out he is telling a fausthood and saying China pays those tariffs directly into the U.S. Treasury. That is not how it works. U.S. Importers pay the tax. They pass that on to consumers. That eventually goes into the treasury but China is not paying us a dime and the president is claiming they do. Not with tariffs. The financial markets seem to still be cautiously betting on a Reporter: That is the hope certainly. Chinese negotiators are in town right now. They will meet with their U.S. Counterparts all day. They did not get a deal last night. These are very frantic negotiations. President trump looking for a deal. We may get one today. We may not. Right now we're in a bigger trade war than we were, George. He calls the talks congenial. Thanks very much.
This transcript has been automatically generated and may not be 100% accurate.