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Imports from europe, canada, and mexico, which responded in kind, as well as japan. he's threatening an additional $500 billion on tariffs on chinese imports. fallout from the growing trade war is expected to hit trump's base the hardest. the retaliatory products are mostly produced in the states that voted for donald trump. joining us now is one of the all time veterans in the world of financial journalism, cnbc contributor ron insana. ron, are we in a trade war and how big is it? >> we are in a trade war. it is not the biggest in history. you would have to go back to the 1930s to see that, w...

China, japan, the united states, and everybody in the region. as far as the currency devaluations, i have been complaining about that for a long time. i believe that we will all eventually and probably very much sooner than a lot of people understand or think, we will be all on a level playing field because that's the only way it's fair. tha that's the only way that you can fairly compete in trade and other things, and we will be on that field, says and we will all be working very hard to do great for our country, but it has to be fair, and we will make it fair. i think the united states is go...

Out very well for everybody, china and japan, the united states, and everybody in the region. as far as the currency devaluations, i've been complain being that for complaining about that for a long time and i believe we will all eventually and probably very much sooner than a lot of people understand or think, we will be all at a level playing field, because that's the only way it's fair. that's the only way that you can fairly compete in trade and other things, and we will be on that field, and we will all be working very hard to do great for our country, but it has to be fair, and we will m...

Several factors. fears after global slow down and we will talk about oil prices in a minute. let's talk about the source of uneasiness and that's china's economy. how much is due to china's devaluation of its currency last week? also, is there concern that conditions are worse in china than being reported? >> yes. i think that's right. we saw a key gauge of manufacturing this morning. slip it a six-year low and that combined with the devaluation that we saw last week suggests that china's growth is slowing, certainly below the official target of 7%. and certainly below where the last gdp data ...

Better quality products is bringing manufacturing back to the united states. there's a term for it called reshoring. after years of outsourcing or off shoring we are now seeing manufacturers, whether they're domestic manufacturers bringing jobs back or over seas companies taking advantage of a much, much lower energy cost german petrochemical companies, auto companies coming to the u.s. because a lot of these other companies china and much of our region have lost their competitive advantage with respect to wages, currency devaluations and the cost of energy is so considerably higher overseas. ...