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Tonight, china saying they are not afraid of a fight. but american consumers could pay the price. a higher one in fact on some very common items. heres abcs chief business correspondent rebecca jarvis tonight. >> reporter: tonight, the cost of those tariffs set to take effect next month, and china promising to retaliate. smartphones, furniture, toys, and clothes coming from china to the u.s. subject to a new 10% tax, paid to u.s. customs by u.s. businesses when the goods enter our country. while...

Im sue herrera with your cnbc mark wrap. heres a look how stocks are doing so far today. the dow jones industrial average is up about 16 points. the standard & poors up almost 3 and the nasdaq composite up about 12.33. winter storms and rising gas prices have yet to dampen retail sales. new numbers out today show clothing sales rose 6%, furniture sales rose 4%, the fourth consecutive monthly increase for hard hit categories during the recession. ford is recalling 35,000 pickup trucks and cross...