Transcript for China to impose $50B in tariffs on US exports

We have more breaking news overnight. Just hours ago China announced it was imposing $50 billion in tariffs on American exports like soybean, tobacco, airplanes retaliation for the $50 billion in tariffs president trump announced yesterday already seeing a big reaction in financial markets. Want to bring in Rebecca jais. Good morning, Rebecca. Good morning, George. This can the exact same kind of tit for tat retaliation that we had feared about with the anuncement of these new tariffs. You have 106 new tariffs announced overnit by chinaen everything from soybeans to cars to air planes to Orange juice and there are major impacts potentially out there for the U.S. Consumer so, for example, jobs, U.S. Companies like general motors, Ford and Boeing, if these tariffs take effect see their products hit with higher tariffs, that means U.S. Jobs down the line because these are companies that sell a lot of goods to China, farmers here in the United States could be hit especially hard, especially on soybeans, about a third of the U.S. Soybean crop currently goes to China. Those tariffs all of a sudden can put weight ondo hand that has Ang impact on farm jobs and prices. When you see tariffs you should always think prices are going up and not just in the place that's getting the new tariffs but around the world. This really could have an impact on both U.S. Consumers as well as Chinese consumers and already seen it have an impact on stocks that have sold off on the fears of what might be a trade war That's the fear. The question is if. Both sides have announced these tariffs. Will they actually happen? The cnces of the that are probably relatively small because already China has already filed a dispute with the wto. That will be a negotiation down the road. Both sides are very likely at the table now negotting because these have yet to take effect and won't for many weeks or even month. Thanks very much.

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