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Which is real to you? >> neil, good to be on with you again. on the trade issue, i agree with a lot of the comments that you just got. the market -- the stock market we acted with throw the baby out with the bath water based on the chinese tariffs. the reality is, nothing has been put in place. what you're looking at is leverage. trump and his administration are looking at negotiating. that doesn't mean they can't happen and if they do, the problem is areas like soy beans and agriculture where those products are not that distinguishable from products from other countries. like you mentioned so...

China retaliating against u.s.-imposed tariffs by imposing levies of its own. 106 u.s. products including soy beans, chemicals, goods worth $50 billion are affected now. even whiskey. the market seems to be reacting to a trade war with china. starting the day off down several hundred points. it has bounced back. now recooping most of the losses. let's bring in hugh. michael steel is with me as wel well. this is what president trump had to say yesterday, gentlemen. >> we have a problem with china. they have created a trade deficit, and i really blame our representatives and frankly our proceedi...

We'll be negotiate iing with ch. our relationship is very good with china. we intend to keep it that way. >> given china's reaction, does it sound like the relationship with china is very good? >> no, it's very bad. this is terrible economics, it's worst politics. china is the largest consumer of soy beans and i'm thinking about iowa, which went for president obama twice and president trump and the soy bean farmers who are not happy with this. i bet michael will agree free trade u is what built the reagan prosperity. a trade war is going to destroy it. >> soybeans, you mentioned iowa, 8 out of...

Services to the united states. that is the not trade de-- and there are details behind the number that matter. i'm going to explain more on that a little later. but first let's take a closer look at some of the sectors that are caught in the middle of this brewing trade war. number one, it is soy beans. it is our second big -- biggest export to china. this is the top ten producers of soybeans and mostly in the midwest and north and south carolina. it is important to know that eight of ten of these soybean producing states voted for donald trumpch that , that is p the chinese target. and car ex...

Street column. it's a trade war, but how do you slow down or stop a trade war? >> well, you don't put out tweets every day about these things. you negotiate. that's what's happening. mnuchin may go to china in the next couple weeks. they talk. the good thing from our perspective, china knows -- they're a big exporter. china knows that they don't want this to get out of control. that's why their response to the steel and aluminum tariffs was measured. >> shepard: in other words, they didn't go to soy beans. >> right. they went to things that matter and then hit trump where it hurts. >> like iow...