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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...

Jeff zeleny, thanks. the trump administration tit-for-tat with beijing is driving wild swings on wall street. the dow erasing a 510-point loss to close up 1% after white house officials tried to calm fears of a trade war. hours later china retaliated with the proposed tariffs of soy beans and chemicals and planes and cars. that sent stocks tumbling. and that led to declines by boeing and gm and ford. the president insisting in a tweet this is not a trade war. neither tariffs package goes into effect yet. larry kudlow calls this a strategy. >> this is not a trade war. this is a process of tarif...

Great. china should give them more export opportunities. that's important. same with nafta. >> this is beginning to look like -- neil, you talked with kudlow about this yesterday -- a negotiating tactic. he's told us behind the scenes and back channels a lot of talk going on between the u.s. trade representatives office, the department of commerce and china to find a way out of the imposition of tariffs, bring down the trade deficit. it's still going to be high but might be smaller than it was. neil? >> on that issue on the tariffs not talking effect yet, just the threat is. you covered this w...

Will know how to inflict pain, political pain, on the president. this is going to be fascinating and i don't think this is a great idea for him. >> the chinese, i wouldn't underestimate them, they're long-term planners but when they go after the soybeans, tell me about that. when you go to a chinese restaurant in this country you have soy sauce or whatever. you have soy sauce, but do you think they picked that out because it was a way of getting at the iowa voters and screwing trump in the iowa caucuses in 2020? >> absolutely. absolutely. it absolutely is a way of screwing trump. china is a bi...

To him. people in his district saw him a lot. that's not true anymore. it's part of what's giving him political trouble in the state. but it's also a function of what he's going through. i think he's really wrestling with the position he's in. i expect he'll run for reelection, but he has not said it yet which is remarkable. >> ruth, i want to put up a map by your paper, "the washington post," of soy bean production in the united states. this is important because china fighting back against the trump tariffs says they're going to put a tariffs on the soy beans and it's going to affect wisconsi...