Transcript for US tariffs come into force on Chinese goods

Everything overnight fears of a trade war. Between the world's biggest economies at midnight the trip administration launched the opening salvo. Hiking tariffs on 34 billion dollars worth of Chinese imports. Well China is promising to strike back in a few weeks the current administration plans to move ahead with tariffs on another sixteen billion dollars in Chinese exports. And again. China is promising to retaliate.

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