HARLOW: Welcome back. This morning, a fresh round of shots fired amid growing trade tensions between the U.S. and China, President Trump's latest round of tariffs on Chinese goods kicked in at midnight. The 25 percent tax on $16 billion worth of Chinese goods. China of course immediately retaliated with a 25 percent tariff on many goods, from meat to auto parts to leather products. And this comes as the two economic super powers sit down again in Washington today for trade talks. Michael Korchmar is the CEO and owner of a leather supply company that is happy to see these tariffs. He's set to fly out right after this interview to Washington to testify before Congress tomorrow. Thanks for being with me Michael.</s>MICHAEL KORCHMAR, OWNER & CHIEF EXECUTIVE OFFICER, THE LEATHER SPECIALTY COMPANY: Thank you, Poppy, it's a pleasure to be here.</s>HARLOW: And I should note, you are -- you said about, you know, just a few blocks away from where your grandfather started the company there in Cincinnati, right?</s>KORCHMAR: That's correct, in 1917.</s>HARLOW: Wow, this is a true American -- a true American business and a true American success story.
Stocks to Open Flat as U.S.-China Trade War Escalates; U.S. and China Slap New Tariffs on Each Other.