WASHINGTON (Nexstar) — The trade war between the United States and China is getting worse.
China announced new tariffs on U.S. goods that will kick in on June 1 in retaliation to tariffs the Trump administration announced last week.
The latest in the trade war sent the stock market into a downward spiral and it will hurt Americans in more ways than one.
“We’re in a very strong position, our economy is very strong, theirs is not,” President Donald Trump said.
Trump said the trade war will hurt China more than the U.S. but we may soon be paying more for everything from seafood to washing machines.
“Ultimately tariffs are a tax on American consumers,” said Rep. Will Hurd (R-Texas).
Hurd said retaliation by China against U.S. farmers will be painful.
“It’s going to probably further hurt our agriculture industry, which is already reeling from the most recent tariffs,” Hurd said.
After the previous round of tariffs, the Trump administration put together a multi-billion dollar bailout package for farmers. But farmers, manufacturers and lawmakers in both parties are critical.
Democrats like California Senator Kamala Harris said China is a problem.
“Threat it presents to American workers and American industries,” she said.
Primarily because Chinese companies are notorious for stealing American inventions and technology.
But Harris is opposed to the tariffs, as is Iowa Republican Senator Charles Grassley, chairman of the finance committee, who threatened to sink the president’s trade deal with Canada and Mexico if the tariffs weren’t reversed.