New tariffs in effect on billions of dollars of Chinese goods

China and the U.S. are still locked in negotiations. ABC News' Trevor Ault reports.
2:18 | 05/10/19

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Transcript for New tariffs in effect on billions of dollars of Chinese goods
We begin a breaking news an escalation in the trade war between US and China the midnight deadline for trade talks past overnight. And that means new US tariffs on Chinese goods are taking effect also overnight China issued a new threat even as both sides promise to resume negotiations today. Sees Trevor alt is here with the latest Trevor good morning. Hey good morning today in Kenneth when president trump first announced these tariffs there was some thought that maybe this was just tough talk trying to get China to the negotiating table but as of 1201 eastern the terrorists actually kicked in and we now know the president was not bluffing. The two largest economies in the world now in a trade war Friday morning president trump following through on his threat to raise tariffs on 200 billion dollars worth of Chinese products and I'm different than a lot of people. I happen to think that tariffs for our country. A very powerful. Terrorists that were 10% jumping to 25%. Friday in the middle of ongoing negotiations between the two countries. President trump announced the tariff Sunday prompting a week of declines on the markets. The president telling a crowd of supporters this week this was retribution for the Chinese renegotiating. What was close to a done deal that brought. I can't do that sell. They'll be paying. The president presented a conflict as a win either way either a new deal is reached toward the US reaps the benefits of billions of dollars in tariffs but the hike would likely lead to a jump in prices leaving Americans paying more for clothes electronics almost anything made in China the Chinese Government responding quickly releasing a statement saying quote. China deeply regrets that it will have to take necessary countermeasures but not specifying what those countermeasures might be. Still a deal is possible president trump saying China's president chief wrote him a quote beautiful letter urging they worked together. And I like to present and a lot is a friend of mine. But I'm representing. The USA. And he's representing China. And we're not going to be taken advantage of anymore. All right now top negotiators from both countries are here in Washington they failed to reach an agreement last night but they'll be back trying to hammer out a new trade deal this morning. Today can affect you are thanks to you Trevor as talks continue.

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

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