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Independent here. let me just talk about a little bit about where we are in this recovery that jason just mentioned. we're nine years in. the longest postwar recovery's ever. >> beautiful recovery. >> a recession is going to happen on jay powell's watch, okay. greenspan had to lower down to 1% to battle the recession we had that started in '00 or '01, whatever that period, and then bernanke had to lower the fed funds rate from 5.5% to 0% after the financial crisis. they need some room to play in the next sort of crisis, and it's probably going to come on jay powell's watch. so this normalizati...

Respect president xi, but they've been killing us, 507 billion dollars in trade deficits last year. 507. who can lose 500 -- then you want to do something and you get attacked. oh that's not nice. that's not free trade. >> neil, the big question is how far will this go? neil: tracy, thank you very much. that much we do not know here again to tracy's point no sign either side is blinking. still early. indication could last for months some say well into 2019. let's get a read from our panelists. for consumers, the impact won't be immediate, and they could

Here's what he said about it. let's listen. >> we have all the cards. we're the bank that everybody is stealing from. i respect china. and i respect president xi, but they have been killing us. $507 billion in trade deficits last year. $507. who the hell can lose $507? then you want to do something about it and you get attacked. that's not nice. that's not free trade. the war was lost on trade many years ago. i said, no, no. the war was lost. but now we're going to win it because we have all the cards. >> so he says the war was lost on trade many years ago. the issue with trade glow wally is w...

Stealing from. i respect china. and i respect president xi, but they have been killing us. $507 billion in trade deficits last year. $507. who the hell can lose $507? then you want to do something about it and you get attacked. that's not nice. that's not free trade. the war was lost on trade many years ago. i said, no, no. the war was lost. but now we're going to win it because we have all the cards. >> so he says the war was lost on trade many years ago. the issue with trade glow wally is when you trade with people you are probably less likely to make war with them and they tend to be your a...

I respect china, and i respect president, but they have been killing us. 507 billion in trade deficits. you want to do something about it, you get attacked. that is not nice. that is not free trade. >> president trump said trade wars are easy to win and a good thing. 56% of americans believe it will be bad for u.s. jobs. 73% believes it will be bad for products. friday morning, yesterday, beijing retaliate wide tariffs of his own. trump said he may escalate trade back and forth even more. allan smith.