it's now the most significant threat to thno ec expansion, not yet, but the trend lines here do not lookood. >> mark zandi with moody's analytics. good to see you. thanks. >> thank you, bill. >>> now to the other big story, trade. the gloves came off when these u.s. im tariffs on billions of dollars worth of chinese goods and chi immediately punched back. euniceon eun reports tht from beijing. ♪ ♪ >> chinese authorities say beijing had no choice, but to fend off what it has described as the lararst trade in economic history. the foreign ministry confirmed today that china retaliated with its own tariffs immediately after the u.s.' move. customs officialsre already collecting duties for 545ms i worth $34 billion, matching the amount subject to u.s. tariffs. the targeted products include cash crop like soybeans and cars and the commerce ministry also said it launched a complaint about the tariffs to the world trade organization. >> these chi move escalates what many fear could become a protracted trade war. president xi jinping has n shown signs of waivering and president trump appeared to