Trump aides have given up hope that he'll realize his trade war is hurting the economy: CNN's Abby Phillip
Larry Kudlow speaks to Fox Business (screen grab)

CNN's Abby Phillip on Monday said that President Donald Trump's team of economic advisers have mostly given up hope that he'll ever realize that his trade war with China is harming the American economy.

Even though the stock market tanked on Monday morning after China announced a new set of retaliatory tariffs against $60 billion worth of American goods, it seems that Trump is going all-in on his trade war with China heading into the 2020 presidential election.

"The president's aides have been trying to keep him on the path toward a deal, but then he's always being lured in by his view that tariffs are ultimately a good thing," she said. "The problem is that Wall Street disagrees, I think American businesses disagree as well, and right now there is not much hope among the president's aides that things will start to go well in terms of the negotiations with China."

Phillip then described talks with China being at a "stalemate" -- but she nonetheless said Trump was "spiking the football" to celebrate his escalating trade war, despite the damage it's doing to financial markets.

Watch the video below.