White House defends Trump's tariff strategy amid stock market swings
The U.S. and China are refusing to back down as the world's largest economies ramp up trade tensions. China announced Friday that it would raise its retaliatory tariffs on American goods to 125%. The move comes after the Trump administration raised import taxes on some Chinese goods to 145%. CBS News' J.D. Durkin, Willie James Inman and BBC reporter Nick Marsh have the details.