Fast money starts right now live in the NASDAQ market site overlooking New York

City's Times Square. I'm Melissa Lear. Traders on the desk are Tim Seymour, Karen

Finerman, Dan Nathan and Guyadami. We start off tonight with the major sell-off on Wall Street.

The Dow down more than 700 points at the lows of the day.

The Dow in S&P 500 having their worst day since January 3rd in the NASDAQ getting hit the worst down 3%

its worst day of the year. This is the trade war

between the US and China seems to be reaching a fever pitch.

Aiman Javras is outside the White House with more on that story.

Aiman what's the latest.

Yeah, Melissa, the president talked earlier today

to some reporters in the Oval Office seeking to project some confidence.

Even as we saw that market turmoil on Wall Street,

the president suggesting that he liked the position the United States

is in in this trade battle with the Chinese saying that ultimately the United States

can put more tariffs on China than China can put on the United States.

He also floated a proposal which he talked a little

bit about last week to protect American farmers by taking some of that tax money

in effect, the tariff money that's coming from importers and redistributing it to

farmers here's what he said

out of the billions of dollars that we're taking in a small portion of that will be going to our farmers because China will

be retaliating probably to a certain extent against our farmers.

We're going to take the highest year, the biggest purchase that China has ever made with our farmers, which is about

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