a second round of tariffs against chinese imports and is threatening a third. global markets dropped with losses across asia, europe, united states. the president contends he's correcting a structural problem in u.s. trade policy. >> you see what is happening with china. we have no choice. that should've been done many years ago. >> directing the united states trade representative to identify $200 billion in chinese imports and apply a tariff of 10%. china retaliates to me says his administration will raise tariffs on an additional $200 billion in chinese goods. that is on top of the tariffs sit in movement of last week on $50 billion in chinese imports. china retaliated and says it's not afraid of a trade war with the u.s. >> we advise the u.s. to remain rational and stop such words and moves that harm itself and others. it is the only viable way out. >> the trump administration has also enacted tariffs on global steel and aluminum imports. russia announced today it will soon release a list of american