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Tonight, china saying they are not afraid of a fight. but american consumers could pay the price. a higher one in fact on some very common items. here's abc's chief business correspondent rebecca jarvis tonight. >> reporter: tonight, the cost of those tariffs set to take effect next month, and china promising to retaliate. smartphones, furniture, toys, and clothes coming from china to the u.s. subject to a new 10% tax, paid to u.s. customs by u.s. businesses when the goods enter our country. while most companies believe something should be done to level the playing field, many warning customer...

I'm sue herrera with your cnbc mark wrap. here's a look how stocks are doing so far today. the dow jones industrial average is up about 16 points. the standard & poors up almost 3 and the nasdaq composite up about 12.33. winter storms and rising gas prices have yet to dampen retail sales. new numbers out today show clothing sales rose 6%, furniture sales rose 4%, the fourth consecutive monthly increase for hard hit categories during the recession. ford is recalling 35,000 pickup trucks and crossover vehicles in the u.s. and canadian citing possible fuel leaks and electrical shorts. that's it...