WASHINGTON (NEXSTAR) — The Chinese government is warning of an economic counter-strike after President Donald Trump announced on Twitter Thursday that the U.S. would hit China with another $300 billion in tariffs, essentially taxing all Chinese exports to the United States.
“The ten percent is for a short-term period. And then I can always do much more or I can do less depending on what happens,” said Trump.
Experts say the next round of tariffs is bad news for farmers and all American consumers.
“At a time where we’re going back to school, we’re getting ready for the holiday shopping season, this is going to have a devastating impact,” said Jason Oxman with global tech firm ITI.
Oxman says with few American goods left to tax, China’s remaining targets will be tech favorites like iPhones, cameras and TVs.
“And that’s one of the biggest dangers. We know that U.S. companies and the U.S. economy rely heavily on technology innovation,” he added.
In a statement, Iowa Democrat Cindy Axne called on the Trump administration to study the impact of tariffs before enforcing more.
In a tweet mostly taking aim at China, Iowa Republican Sen. Chuck Grassley also questioned the president’s decision, saying tariffs aren’t the only solution the president should use to pressure China.
“It’s not just the damage this year that the president’s created. It’s down the line for farmers trying to sell their products,” said Sen. Sherrod Brown.
The Ohio Democrat says American farmers fear their overseas business will never recover.
“Farmers who have spent years building up their foreign markets on soybeans and corn, um, are now losing those markets to another country, Brazil especially,” said Brown. “And how do you get those markets back?”
The next round of tariffs are slated to begin Sept. 1. Trade talks will also restart in September.