China imposes retaliatory tariffs on US

Though the Dow saw one of its worst days of trading in months, President Donald Trump insists the U.S. is in a strong position. ABC News' Trevor Ault reports.
2:19 | 05/14/19

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Transcript for China imposes retaliatory tariffs on US
We turn out to the escalating trade war with China driving down stocks and fueling new fears would neither side backing down the doubt humbled Monday. As China fire back would new terrorist. President drop overnight offered a new timeline while insisting the US. It's on a quote strong position. Meanwhile farmers are hurting and soon everyone shopping cart will be getting more expensive ABC's cover all tested the tells good morning cover. Kenneth good morning to you were only days into these new US tariffs on Chinese imports in one day removed from China imposing tariffs of our own and already. We're hearing from so many people or saying they and their businesses. Are being impacted here all. The effects of the trade war now taking hold with China imposing retaliatory terror us markets lost more than a trillion dollars in value Mon date the worst day for trading in months. President trump. Still steadfast. In ongoing negotiations. This is a a very. Positive step I love the position wherein the president and giving a timeline saying it will take three or four weeks until we know with efforts on the trade deal with China have been successful pointing to a meeting with China's president xi in late June or going to be meeting as you know at the G-20 in Japan. And that'll be. I think. Probably very fruitful meeting but the president still insists China will be paying the terrorists but US importers American companies are the ones on the hook with the cost usually passed onto consumers one pro trade group says it could cost the average family of four. An extra 767. Dollars per year. We're just seen more on the on pricing side Reno because we need to accept pricey. In China's new tariffs are devastating for many farmers take to soybean market where China but 60% of US exports before the trade war started. Farmers worried those days are now gone for good lot of farmers are gonna have to come up an alternative sources of income. Ominous dark grown a lot of hate to. The president is promising to help out farmers he is authorizing. A fifteen billion dollar bailout that would help them out that's on top of twelve billion dollars or worse already offered up last year. When this trade war was first getting started today can affect the potential help for farmers but families expected to fill this tree work from all think you're.

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

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