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Chinese state media is reporting that beijing will not take whatever the united states delegation offers. the trump administration is pressing china to cut their trade surplus with the united states by $100 billion. deidra bolton is here. >> so if this happens, let's say if both economies, two largest in the world cannot come up with anything, any kind of compromise, the worst case scenario is really very bad and will touch a lot of industries and may yes, take away from jobs in those industries. deutsche bank is saying that we're beginning to see some of these. farming, manufacturing, airplan...

You could make a case did collude. >> greg, let's talk about tariffs, trade very big week for trade right now. a lot of balls in the air. anded a midnight deadline passed last night for these -- they're going to get exemptions. they're going to delay the decision of exemptions for another 30 days. did the president blink here? >> he may have. i think he doesn't want to get into a trade war right now. i think he's gotten a lot of blow back from farmers, people in the midwest who don't like a possible chinese retaliation against soy beans, things like that. i think he's softened his tone a littl...

In the day and i want to get to that right away when the president authorized larry kudlow and special trade negotiator to inform lawmakers and others that the u.s. under the trump administration was in fact willing to get back into the tpp, the transpacific partnership. this in the face of an enormous outcry of anger from agricultural lawmakers in the united states deeply worried about exports of soy beans, corn, pork products to countries in asia. they were fearful that the u.s. leaving the tpp, as the trump administration announced earlier, would undermine those kind of u.s. exports. dana, ...

>> the tariffs haven't actually happened, is it your hope that perhaps it will not take hold? >> absolutely. i think as an industry, especially, we all talk about the opportunity here, you look at the negatives, look at the positives, we have more soybeans than we can export. we have more high quality soy beans that we could trade with china, and cheapercheaper -- wea at the end sell us more quality soybeans. >> do you think that that's potentially on the horizon. >> as a farmer, we put our seed in the ground and we pray all the way to fall. we need to be positive here and

Additional $100 billion of tariffs, a proposal that sent markets into a tail spin. china responded with tariffs on a various of products including soy beans. joining me now, stephanie ruhle. msnbc host. and the cohost of my daily medicine which i cannot stop watching. let's talk about larry kudlow. one of my first gigs in this business was going on his show as a guest twice a week. he was consistent in one thing. he was a free trader. he was antitariffs. i was on that show enough of that, that was larry kudlow. what is he doing now? >> that was larry kudlow two weeks ago. we've got 20 years of...