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Trump calls trade war "a little squabble with China"

Photo: Saul Loeb/AFP/Getty Images

President Trump dismissed the ongoing trade war, which kicked off in earnest this week, as "a little squabble with China" while speaking to reporters outside the White House on Tuesday.

The big picture: The effects of the trade war have been felt in industries across the country. Yesterday's announcement that China would seek to impose retaliatory tariffs against the U.S. set off Wall Street's worst day in months. And the bad news spread to Silicon Valley, where Uber's IPO lost billions in market value as it got caught up in the trade war storm, as well as America's heartland, where soybean farmers saw their prices — already sagging thanks to the ongoing trade dispute — sink to a 10-year low.

Go deeper: America is suffering for its trade war