to jail. we'll keep track of that case. president trump today slapping $50 million in n5$50 b trade tariffs. they say they will retaliate. the market down 120 points as we go through the day. the reality now of a trade war. christine romans explains the fine print. >> john, the president this morning on his trade agenda saying the u.s. isn't the one who started a trade war. >> the trade war was started many years ago by them and the united states lost. >> so you're saying we're on the losing end of it. >> there is no trade war, they've taken so much. last year 375 billi$375 billion deficit with china. we had overall $800 billion over a period of years, each year close to $800 billion in losses on trade. not going to happen anymore. it's not going to happen. >> so the china tariffs are back