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Hours later china retaliated with the proposed tariffs of soy beans and chemicals and planes and cars. that sent stocks tumbling. the president insisting in a feet th tweet this is not a trade war. neither tariffs package goes into effect yet. larry kudlow calls this not a trade war. >> this is a 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. trade tensions escalated and investo...

U.s. soy beans, cars, airplanes. stock market on the left side of your screen. right side, live pictures from the press briefing room at the white house where we should see sarah sanders momentarily. lot for her to discuss. we bring in senior white house correspondent jeff zeleny, standing by in that briefing room along with a couple of others here. jeff zeleny, first to you. we saw larry kudlow, top economic adviser do some of the rounds today, trying to maybe quell fears that this is the opening salvo of some sort of trade war, despite the president's tweet, which does seem contradictory to ...

A all of a sudden, off the top vis-a-vis this tax bill? >> the issue response, talk to your c.p.a. and tax lawyer. leland: what about people who don't have c.p.a. or. tax lawyer. what about turbo-tax. >> they'll be incorporating into their taxes. bottom line, don't overreact. you're going to get a tax cut and it's going to come sometime in early spring through the holding and you'll start to see this coming out. leland: certainly for people who count on charitable deductions and itemize different things, there are changes here. >> particularly when you double the standard deduction, there may ...

Government. >> specifically these documents because the special counsel say that anyone was reaching out to the russian ambassador to tell him don't overreact to the obama administration's sanctions for interfering in the 2016 election, don't overreact because we're coming in. and then also reaching out as directed by jared kushner, we're told, to the russian ambassador to try to get him to either delay or vote against a u.n. security council resolution that the obama administration abstained from having to do with punishing or penalizing or condemning israel for its settlements. whether or no...

Beginning to see now is a very closeness of trump, himself, to the actions. remember, one of the things that flynn is being, pleaded guilty to, was telling the russian ambassador, don't overreact to the sanctions. basically, suggesting that if and when we become, when we take officer on january, those sanctions will be removed. that's the implication of. that right after that phone call,ion how many hours, a few hours after that, trump tweets, putin, because putin didn't react, putin's very smart. he didn't react. so it's clear that trump is following this like a hawk, suggesting that he is to...