President Trump on China trade war: 'I love the position we're in'

The president has maintained that China is paying the U.S. billions of dollars in tariffs but it's actually U.S. firms footing the bill and passing those costs onto U.S. consumers.
2:09 | 05/13/19

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Transcript for President Trump on China trade war: 'I love the position we're in'
this evening, the stock market plunge, after China retaliated against the U.S. With new tariffs. The Dow losing 617 points, the worst day since the first of the year. President trump tonight saying, "I love the position we're in." ABC's senior national correspondent Terry Moran is at the white house. Reporter: Just hours after China fired a new shot in the trade wars, president trump boasted that in this escalating conflict, the U.S. Is winning. If you look at what we've done thus far with China, we've never taken in 10 cents until I got elected. Now, we're taking in billions and billions. Reporter: The president keeps saying this, that China is paying the U.S. Billions of dollars in tariffs, but fact check, that's not true. China is not paying a dime to the U.S. Importers, American firms, pay the tariffs, and they usually pass on those costs to American consumers. Trump's own chief economic adviser contradicting him this weekend. It's U.S. Businesses and U.S. Consumers who pay, correct? Yes, to some extent. I don't disagree with that. Again, both sides will suffer on this. Reporter: For U.S. Consumers, that means higher prices. According to one pro-trade group, the trade war could cost the average family of four in the U.S. An extra $767 per year. And for many farmers, China's retaliatory tariffs today are devastating. I'm preparing for the worst. Reporter: John kiefner has farmed soybeans in Illinois. China bought 60% of U.S. Soybean exports before the trade war started. John says those days are gone. A lot of farmers are going to have to come up with alternative sources of income. I'm going to start growing a lot of hay. All right, so, let's get to Terry mour ran, live at the white house tonight. And Terry, president trump is now threatening to slap tariffs on all Chinese imports. Reporter: That's right, David. The administration is going to release a list of the roughly $325 billion worth of Chinese products that haven't before tariffed. President trump also announcing that he will plan a $15 billion bailout for farmers, that's on top of last year's $12 billion bailout. Both of these signs that this trade war is nowhere near over. David? Terry Moran live at the white house. Thank you.

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

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