CHICAGO, ILLINOIS - JUNE 04: Jerome Powell, Chair, Board of Governors of the Federal Reserve listens to speakers during a conference at the Federal Reserve Bank of Chicago on June 04, 2019 in Chicago, Illinois. The conference was held to discuss monetary policy strategy, tools and communication practices.  (Photo by Scott Olson/Getty Images)
Scott Olson/Getty Images
CHICAGO, ILLINOIS - JUNE 04: Jerome Powell, Chair, Board of Governors of the Federal Reserve listens to speakers during a conference at the Federal Reserve Bank of Chicago on June 04, 2019 in Chicago, Illinois. The conference was held to discuss monetary policy strategy, tools and communication practices. (Photo by Scott Olson/Getty Images)
Now playing
01:55
Powell: Case for Fed rate cut has strengthened
President Donald Trump shakes hands with Chinese Vice Premier Liu He, after signing a trade agreement in the East Room of the White House, Wednesday, Jan. 15, 2020, in Washington. (AP Photo/Evan Vucci)
Evan Vucci/AP
President Donald Trump shakes hands with Chinese Vice Premier Liu He, after signing a trade agreement in the East Room of the White House, Wednesday, Jan. 15, 2020, in Washington. (AP Photo/Evan Vucci)
Now playing
01:43
The trade war with China is far from over
NEW YORK, NEW YORK - NOVEMBER 12: President Donald Trump delivers a speech at the Economic Club Of New York in the Grand Ballroom of the Midtown Hilton Hotel on November 12, 2019 in New York City. (Photo by Steven Ferdman/WireImage)
Steven Ferdman/WireImage/WireImage
NEW YORK, NEW YORK - NOVEMBER 12: President Donald Trump delivers a speech at the Economic Club Of New York in the Grand Ballroom of the Midtown Hilton Hotel on November 12, 2019 in New York City. (Photo by Steven Ferdman/WireImage)
Now playing
02:50
The Trump economy is good for his reelection. Will trade stand in the way?
CNN
Now playing
02:34
IMF chief: Trade war could cost world economy $700B
U.S. President Donald Trump meets NATO Secretary General, Jens Stoltenberg at Winfield House in London, Tuesday, Dec. 3, 2019. US President Donald Trump will join other NATO heads of state at Buckingham Palace in London on Tuesday to mark the NATO Alliance's 70th birthday. (AP Photo/Evan Vucci)
Evan Vucci/AP
U.S. President Donald Trump meets NATO Secretary General, Jens Stoltenberg at Winfield House in London, Tuesday, Dec. 3, 2019. US President Donald Trump will join other NATO heads of state at Buckingham Palace in London on Tuesday to mark the NATO Alliance's 70th birthday. (AP Photo/Evan Vucci)
Now playing
02:51
'Tariff Man' Trump escalates trade tensions
trump macron nato comments response sot vpx_00004001.jpg
trump macron nato comments response sot vpx_00004001.jpg
Now playing
00:52
Trump: I'd wait after 2020 election to strike China deal
CNN
Now playing
01:58
Scaramucci on trade: China wants Trump in power
Container trucks arrive at the Port of Long Beach on August 23, 2019 in Long Beach, California. - President Donald Trump hit back at China on August 23, 2019, in their mounting trade war, raising existing and planned tariffs in retaliation for Beijing's announcement earlier in the day of new duties on American goods. (Photo by Frederic J. BROWN / AFP)        (Photo credit should read FREDERIC J. BROWN/AFP/Getty Images)
FREDERIC J. BROWN/AFP/Getty Images
Container trucks arrive at the Port of Long Beach on August 23, 2019 in Long Beach, California. - President Donald Trump hit back at China on August 23, 2019, in their mounting trade war, raising existing and planned tariffs in retaliation for Beijing's announcement earlier in the day of new duties on American goods. (Photo by Frederic J. BROWN / AFP) (Photo credit should read FREDERIC J. BROWN/AFP/Getty Images)
Now playing
01:21
China waives tariffs on some US goods
Photo Illustration: CNNMoney/Getty Images/Shutterstock
Now playing
02:37
The trade war's latest victim: Manufacturing
CNN
Now playing
02:26
Trump trade adviser defends China tariffs: They're working
Getty Images
Now playing
02:04
Why you'll feel the latest round of tariffs
Now playing
02:08
This is what a trade war looks like
Getty Images
Now playing
01:42
This is the worst case scenario for the US-China trade war
A staff member of Huawei uses her mobile phone at the Huawei Digital Transformation Showcase in Shenzhen, China's Guangdong province on March 6, 2019. - Chinese telecom giant Huawei insisted on March 6 its products feature no security "backdoors" for the government, as the normally secretive company gave foreign media a peek inside its state-of-the-art facilities. (Photo by WANG ZHAO / AFP)        (Photo credit should read WANG ZHAO/AFP/Getty Images)
WANG ZHAO/AFP/Getty Images
A staff member of Huawei uses her mobile phone at the Huawei Digital Transformation Showcase in Shenzhen, China's Guangdong province on March 6, 2019. - Chinese telecom giant Huawei insisted on March 6 its products feature no security "backdoors" for the government, as the normally secretive company gave foreign media a peek inside its state-of-the-art facilities. (Photo by WANG ZHAO / AFP) (Photo credit should read WANG ZHAO/AFP/Getty Images)
Now playing
01:29
What blacklisting Huawei means for the US-China trade war
shutterstock/cnnmoney
Now playing
01:44
You'll pay more for these, thanks to tariff