imports. tonight beijing is hitting ed: the us increased tariffs on billions of dollars of chinese imports. tonight beijing is hitting back. edward lawrence has the details. reporter: the trade dispute is escalating, china saying they will put 25% tariff on a number of us exports including soybeans, suvs and crude oil. the ministry of commerce spokesperson saying donald trump, quote, launched the largest trade war and economic history to date, the taxation is a typical trade bullying is in which is jeopardizing the global industrial chain in response to tariffs, $34 billion of chinese technology good starting today and $16 billion more in two weeks, the trump administration says the chinese have not opened their markets to us goods, they
$34 billion in goods are now subject to new charges at the border when they come from china. the administration says it s already eyeing more goods to slap tariffs on. here to discuss for what this looks like economically and politically, ceo matthew swift. nice to see you. good to see you. leland: this from the kato institute, they wrote trump is treating trade policy as though it were a real estate deal, he says, where the goal is to beat your opponent, step on his throat, and humiliate him. fair characterization? no, i don t think so. i think that this president is willing to do things that previous administrations have not done, to really think and understand about trade policy today and how historic a lot of these shifts in the negotiating process that the president is obviously started, he s using tools in the tool box that previous presidents haven t necessarily used. so i think that s an unfair characterization because i don t actually think that s what the president is doi
topics. condolences to the family. a long feared trade war between washington and beijing becomes a reality. the top administration tariffs $34 billion in chinese goods now taking effect and china retaliating immediately. targeting american products including soybeans, beef, whiskey and cars. china s commerce ministry saying in part quote - the united states has united the largest trade war in economic history. we have the president of capital measurement. an investment advisor and a fox news contributor, good to have you, gary. thank you. is a sacred road to go down? is it a necessary road? and to where will this lead? i don t like it. i m not thrilled, i know it is a negotiating tactic by the president but all it does, it sows confusion and distortion
economic history. the u.s. tariffs on 34 billion dollars in chinese goods now in effect as of midnight, july 6th, which was noon in beijing. the items from more than 800 categories of products include airplane parts and farm equipment, china s commerce ministry issuing a statement immediately following saying, quote, china promised not to fire the first shot, but to defend national core interests and the interests of the people. it has no choice but to strike back as necessary. and strike back it did. beijing placing tariffs on an equal value of almost 550 categories of u.s. products, targeting american goods, like soybeans, lobsters to pork, the state-run china daily newspaper saying, quote, the trump administration is behaving like a gang of hoodlums. president trump once again defended his strong stance on trade during a rally in montana on thursday night, right before the tariffs took effect. i respect china, and i
beijing accusing the united states of being a trade bully. president trump says he is already planning a second round of tariffs. abc s adrienne bankert from hong kong tonight. reporter: from a war of words to a multibillion dollar battle i respect china and i respect president xi, but they ve been killing us. reporter: today the trump administration imposing tariffs worth $34 billion on certain chinese products. the president promises another $16 billion on top of that in his effort to close a more than $300 billion trade deficit with china. china s lashing out, accusing the u.s. of launching the biggest trade war in economic history, retaliating with similar tariffs expected to hit american goods, including soybeans and pork. this american farmer claims the tariff threat alone hurt his bottom line. we ve seen somewhere between a 10% to 20% price drop off our gross sales. reporter: today s actions follow tariffs aimed at allies including canada and the