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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, where we had intense protectionism, the so-called smoot/hawley tari...

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...

Just happened in paris, indeed the u.s. said don't want that word anywhere in the communique. he's using multilateralism in this summit in singapore. it wouldn't be happening without south korea or china. wouldn't be happening without japan. >> mickey, there's the fact there's going to be economic effects of this. cnbc did analysis of the ways in which the savings from the tax cut, which for working people is already quite quite slender will be entirely eaten up if the retaliatory tariffs go into effect. >> chris, in 1930, we imposed the smoot/hawley tariffs that resulted in cutting u.s. expor...