Global stocks tumble

This comes as President Donald Trump signals regret over the ongoing trade war with China. ABC News’ Mona Kosar Abdi reports.
2:35 | 08/26/19

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Transcript for Global stocks tumble
Funny funny thanks for joining us we begin with breaking news from the G-7 summit where president trump just spoke to reporters about the trade war with China. He says China wants to resume trade talks this statement comes after a wave of confusion at the summit. After he appeared to express second thoughts about the trade war. And Wall Street is watching all of this very closely in the wake of Friday's big losses ABC's politicos are Abdi is following the latest developments Mona good morning. Good morning Jane good morning to you can at that is right moments ago we heard from president trump at the G-7 summit in France. Trump says that negotiations are back on which China. After China reached out last night to resume talks making this the latest turn in a complicated trade war. This morning to trade war between the US and China setting off ripples of uncertainty and sending stock markets around the globe tumbling. Tensions escalated sharply between Beijing and Washington Friday. Ahead of the weekend's group of seven summit surrounded by world leaders in France president trump insisting he's not facing pressure from US allies over the trade war. Ask but then trump making a rare admission signaling regret over his latest actions. I kept my eyes what the White House quickly pushing back insisting the president's remarks were misunderstood. It again he doesn't have second thoughts about what he's he's he's done if anything he want to clarify if he had second thoughts. It would be erased the tariffs and trump appears to be striking a more conciliatory tone towards a Chinese dropping for now his threat. On declaring an economic emergency to force US companies out of China. I have great respect for the fact check all they want to make you have granted. And I have great respect for president she. And I think would happen DO. Because now we believe Roberts they understand it Williams said. They trade war with China is already hitting US consumers even before the new terrace were announced Friday. JPMorgan estimated American families will pay an average of 1000 dollars a year more because of the higher tariffs on China. And earlier today Chinese officials called for calm negotiations to resolve the trade dispute. And also in an effort to. To possibly. And Mona the president saying. It's a very positive development for the world when in regards those Chinese trade talks Mona think you.

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

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