Trump escalates trade war with China

The president told a crowd in Cincinnati that until there's a deal, the U.S. will "be taxing the hell out of China." ABC News' Megan Tevrizian has more on what these tariffs could mean for consumers.
2:14 | 08/02/19

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Transcript for Trump escalates trade war with China
We turned out of the trade war with China and present trump threatening even more tariffs last night. He held his first campaign rally since a racist chant erupted among his supporters last month. He told the crowd in Cincinnati until there's a deal with China the US will quote be taxing the hell out of China. ABC's many into prison in his here with more on what these tariffs could mean for consumers Megan good morning. Good morning well these tariffs expected to start at less than a month from now could affect how much you pay for your kids toys and in television and the price of his cellphone. The president touting his new trade policies at a rally in Cincinnati overnight. We've taken the toughest ever action you stand up to giant is rated BA. Presidents Ross now slapping a new 10% tariff on 300 billion dollars worth the Chinese products starting in September. For the last one he is Jain is taken hundreds and hundreds of millions of dollars out of our country and now we're stopping this map. Of American jobs. But the terrorists mean American shoppers could see prices go up on everything from clothes dean to Smartphones to TVs to told lays the chamber of commerce saint the president's move will inflict great pain on American businesses. Farmers workers and consumers. And undermine an otherwise strong US economy means that the tariffs affecting Wall Street's huge. The Dow plunged Thursday closing down 280 points the dues that are now going to be targeted horror ones that would affect. Corner consumers these latest development part of a long running in costly trade dispute with China. Only days after both sides resumed negotiations. The president also mixing politics. With his China trade policy. They would love to see a guy like sleepy Joseph Biden who edged. No clue what they how he's doing. And renewing his attacks on Democrats vying for his job and the form a Noory congresswoman he's targeted for weeks. At this time the crowd refrained from canteen Centre back. And China reacted overnight to president Trump's latest tariff announcement saying it's quote. Definitely not the right way to resolve trade frictions well Megan thank you.

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

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