the dow erasing a 510-point loss to close up 1% after white house officials tried to calm fears of a trade war. first the u.s. imposed tariffs on $50 billion of chinese goods. hours later china retaliated with the proposed tariffs of soybeans and chemicals and planes and cars. that sent stocks tumbling. and that led to declines by boeing and gm and ford. the president insisting in a tweet this is not a trade war. neither tariffs package goes into effect yet. economic adviser larry kudlow calls this a strategy. >> this is not a trade war. you have the early stages of the process of tariffs and comments on the tariffs and ultimate decisions and negotiations. there is back channel talks going on. i understand the stock market anxiety. i get that. on the other hand, don't overreact. >> that assurance may have worked. stocks rebounded.