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From CBS News headquarters in New York, This is the CBS Evening News.

Good evening. I'm Maurice Dubois. I'm John Dickerson. It is an all-out trade war

between the world's two biggest economies. China retaliated today for President Trump's

34% tariff on Chinese imports by announcing a 34% tax on all American goods.

Responding on truth social, the president claimed China had panicked and played it wrong.

And addressing investors coming into the U.S., he said it's a great time to get rich.

But within minutes of that, posting, investors were fleeing the

stock market as the trade war sell-off accelerated. Over the past two days, the Dow has lost more than 9%.

The S&P 500, more than 10. And the NASDAQ is down more than 11%. Stocks have now given up all their gains for the past 11 months.

But the early casualties of the trade war are not just investors.

Small businesses are being heard as well.

Nancy Cordes said the White House begins our covers tonight.

Nancy?

Good evening, Maurice.

...