Live from the NASDAQ market site overlooking New York Times Square.

This is Fast Money. I'm Scott Wopner in tonight for Melissa Lee.

Our traders on the desk are Carter Worth, Tim Seymour, Steve Grasso and Guy Adami.

We kicked things off with the tariff

takedown that's what it was stocks tumbling today late today as President

Trump turns up the heat on the trade war with China the Dow giving up a

311 point gain to finish the day deep in the red.

We have full team coverage of today's dramatic turn of events.

Let's begin with the latest out of the White House.

That's where Amman Javbers is live for us in Washington once again.

Yeah, Scott, the president just talked to reporters on the South Lawn. He was

asked if he was concerned about that stock market tumble that you're just talking

about in the wake of his tweet about the China tariffs.

The president said he wasn't worried about it.

He in fact expected it and he said it's because people don't fully understand what his

tariff strategy is.

In fact, the president here blaming the market for not understanding exactly what his

approach is to tariffs and to China.

He was also asked by me exactly why he picks 10% as opposed to 25% or 5% on the tariffs. Here's what he had to say.

I did more than anybody thought with the first 250 billion and the 10% is for a short-term

period and then I can always do much more or I can do less depending on what happens

with respect to a deal but I'm very happy the way it is right now.

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