BERMAN: It's time for "CNN Money Now." The U.S. hitting China with the biggest round of tariffs yet, likely prompting Beijing to cancel trade talks. And you could soon -- you could soon pay the price. Our chief business correspondent Christine Roman join us now with more. Romans.</s>CHRISTINE ROMANS, CNN CORRESPONDENT: It's getting real. At the stroke of midnight, the biggest rounds of tariffs yet on Chinese goods. President Trump slapped 10 percent tariffs on $200 billion worth, thousands of items, handbags, refrigerators, furniture, mattresses. China hit back, taxing U.S. goods, $60 billion worth of U.S. goods, and slamming the U.S. for trade bullyism. Now, the administration's goal, of course, is to force China to end a laundry list of bad behavior and to negotiate, but that's not happening. On Saturday, Chinese officials canceled talks in Washington this week. A senior White House official said no new meetings are planned, nothing on the schedule here. American business, for years, has complained about China cheating, stealing technology and secrets, but business says, you know, tariffs are not the way to fix this. And the president often says that China pays these tariffs but American importers pay the price. They pay the taxes and either absorb the higher cost or pass it along to consumers. That's why it will cost more to rebuild after Florence, you guys. The hurricane caused an estimated $50 billion in damage. That's according to Moody's. Trump's latest tariffs include construction materials like countertops, furniture, the stuff you use to make drywall. Home builders already pay more for steel and aluminum and wood. Homebuilders warn tariffs will raise total construction costs by about 30 percent, Erica.</s>HILL: Thirty percent. All right, Christine, thank you. Deputy Attorney General Rod Rosenstein still has his job. How long will he hold on to it following that bombshell report Friday afternoon from "The New York Times" which says Rosenstein suggested secretly recording the president? We discuss, next.
U.S. Hits China with Tariffs