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It's 375. some people, depending on your formula, $375 billion. it could be $504 billion. it's a tremendous amount of money being taken out of our economy. we have to straighten it out now. what's happening, we put steel tariffs on. our steel industry is going through the roof. u.s. steel just announced they're expanding or building six new facilities. last night in south carolina, right -- go ahead, georgetown steel. the factory has been closed, the plant has been closed for how long, lindsey? >> about three years. but what's interesting, it's a british company. a steel manufacturing company ...

Trade. china is very serious. we're very serious. we have no choice but to be very serious. you know we have put on very substantial tariffs. and that will continue unless we make a trade deal. i think we're -- we have got a very good chance of making a deal. as you know, they just stated president xi, terrific guy and friend of mine, but he's representing china and i'm representing the united states. president xi made a speech four days ago where he said china will be opened up. it is not opened up now. they trade with us, we can't trade with them. they did $504 billion last year. we did $120...

We have no choice but to be very serious. you know we've put on very substantial tariffs. and that will continue unless we make a trade deal. i think we're -- we've got a very good chance of making a deal. as you know, they've just stated president xi, a terrific guy and a friend of mine, but he's representing china and i'm representing the united states. president xi made a speech four days ago where he said that china is going to be opened up. it's not opened up right now. they trade with us. we can't trade with them. they did 504 billion last year and we did $120 billion. that's a tremendou...

>> jon: a fox news alert. we're going to keep a close eye on the dow after a 700-plus point drop yesterday. right now it's a little less than 10% of that back. about 47 points up. meantime, fears of a possible trade war between the u.s. and china continue to spread across the globe. this comes after president trump announced tariffs on chinese imports yesterday. >> we're losing $375 billion with china. it could be $504 billion depending on the way you count. no matter how you count, it's bad. we're doing something that will be the start of making trade with china more fair. we're so far down a...

Willing and egor to take our share of the chinese market. >> china is considering a 15% tariff on american exportis. plus 25% on pork and aluminum. china drafted a list of 128 american products tell target in the future should the u.s. and china fail to reach a trade agreement. >> we could loose 504-billion dollars with china. it's bad. >> in addition to the disputes over hard goods, the 2 sides are clashing over the tech sector. alarming signs of a major fallout emerged. the administration blocked chine from buying qualcomm and china pulled its investment from u.s.