billion worth of american goods as of september 1st. the president in turn said he would raise by 5% tariffs on $550 billion in chinese goods, and here's how it breaks down. the president would rise, raise from 25 to 30% tariffs existing already on $250 billion in chinese goods, that would happen on october 1st. and then he's planned to raise tariffs on $300 billion worth of chinese goods would go up by 5% to 15%. some of those tariffs would take effect september 1st, some would wait until december the 15th. leaving the white house last night, the president says in order to preserve america's economic prosperity in the future, he's got no choice but to take on china and that the united states will ultimately prevail. listen here. >> we're having a little spat with china, and we'll win it. china's been hurting our country for 30 years with the money they've been taking out. other presidents should have done something about it. i'm doing it, and i have no choice because we're not going

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