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To jail. we'll keep track of that case. president trump today slapping $50 million in n5$50 b trade tariffs. they say they will retaliate. the market down 120 points as we go through the day. the reality now of a trade war. christine romans explains the fine print. >> john, the president this morning on his trade agenda saying the u.s. isn't the one who started a trade war. >> the trade war was started many years ago by them and the united states lost. >> so you're saying we're on the losing end of it. >> there is no trade war, they've taken so much. last year 375 billi$375 billion deficit w...

Silicon valley and china and others steal those secrets and we're going to protect those secrets. those are crown jewels for the country. >> christine romans is with me now. so, your takeaway? >> the president really trying to explain this is about protecting jobs of the future, the technology sector, you heard him there. on the trade agenda, he said the u.s. isn't the one who started a trade war. >> the trade war was started many years ago by them, and the united states lost. >> you're saying we're on the losing end of it. >> there is no trade war. they have taken so much. so last year $375 b...

Secrets. those are crown jewels for this country. >> our chief business correspondent, christine romans, is with us now. we thought this was coming, it's hugely significant. the president says it's good for the country. >> he says this shows america first and he's going to fix the wrongs of every administration before him. he heard him on the trade agenda. he's saying the u.s. isn't the one that started this trade war. listen. >> the trade war was started many years ago by them, and the united states lost. >> so you're saying we're on the losing ends of it? >> well, no, there is no trade war, ...

Whopping 25% tariff on chinese exports, china has just retaliated with its own tariffs against the u.s. it will also impose a 25% tax on $50 billion of u.s. goods. christine romans, cnn money chief business correspondent, explains the potential impact on american consumers. >> brooke, the president this morning on his trade agenda, saying the u.s. isn't the one who started a trade war. >> the trade war was started many years ago by them, and the united states lost. >> so you're saying we're on the losing end of it. >> well, no, there is no trade war. they have taken so much. so last year, $375...

So much of our secrets, we have the great brain power in silicon valley and china and others. steal those secrets. we'll protect those secrets. those are crown jewels for this country. you read so much about china, you read so much about other countries, we have the great brain power right in this country. i'm proud to say. you're certainly a member of that group. steve: i am an american. what about the fact that there are the love people who say, what is he doing, he will start a trade war? if he slaps 25% on 50 billion for china, that is going to be bad for americans? >> the trade war was st...