Trump: Talks between US and China 'candid and constructive'

The president opened a new front in the trade war with China, imposing new 25% tariffs on goods from China including food items and electronics.
3:01 | 05/10/19

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Transcript for Trump: Talks between US and China 'candid and constructive'
Breaking developments out of Washington. Late today, a top house Democrat issues subpoenas for Donald Trump's tax returns dating back six years. The commissioner told to deliver the documents by next Friday. This has president trump ISES cue V ka latin the trade war with China. Pulling the trigger for thousands of Chinese products. Americans now caught in the middle. Terry Moran is at the white house. Reporter: The president calls today's talks between the us and China "Candid and constructive," but the Chinese delegation left the white house empty handed tonight -- no meeting with the president. And no deal. So today, trump opened a new front in the trade war. Those new 25% tariffs, essentially a tax on goods coming from China. I happen to think that tariffs for our country are very powerful. You know, we're the piggy bank that everybody steals, from including China. Reporter: The trump tariffs impact nearly 6,000 Chinese products. From food items like frozen fish to consumer goods like makeup and baseball gloves. To electronics, televisions and computer monitors. Bob orgel says 50% of what he sells in his family hardware store comes from China. The tariffs mean his costs go up, and he'll have to raise prices for consumers. It hurts them, they're the ones that pay more. I pay more but charge more. I have no choice. They have to pay more. Reporter: 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. But the president is eager to take what previous presidents have called China's unfair trade practices. As president of our country I've got to do something about Reporter: China, already vowing to retaliate with tariffs of its own. And in Maine, Stephanie Nadeau's lobster business is already suffering. China's a major purchaser of Maine's most famous export. This winter, compared to last winter, our business is down 60% and that 60% is basically made up 100% of Chinese exports that we do. You don't just find another market for 80 million pounds of lobsters. Is Terry Moran joins us now from the quhous. President trump says he may or may not remove the tariffs depending on negotiations. But there is news about the tax returns. There is a subpoena? That is right. A new tactor in the Texas returns and the chairman of the house ways and means committee, a Democrat, is issues to the commissioner of the irs demanding the tax returns. That is different than the old 1924 law a couple months ago. The bottom line, this fight is going to court, the power of congress to hold the oversight powers. That will be tested by a conservative supreme court. Thank you. The bombshell allegations for the missing girl in Houston.

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

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