Starting his Friday show on Fox News, host Shep Smith quickly went after President Donald Trump for starting a trade war with China via tariffs and then boasting on Twitter that it is the Chinese being hurt by them when it is American consumers.
Getting right to the point, Smith said, "The Trump Administration at midnight last night hiked tariffs on more than $200 billion of Chinese products. Up from 10% to 25%. Remember, a tariff is essentially a tax. The importer pays the tax and can pass it on to the buyer in America or absorb it. Of course, eventually we all pay in higher prices."
"China could go light and raise tariffs on American products that are already targets, but might it also tax or ban say U.S. soybeans, which would be crushing for American farmers," he added.. "Soybeans would be crushing for American farmers. Or might China escalate by hitting some of America’s biggest brands like Apple. Imagine no iPhones for 1.2 billion Chinese customers and what that might do to the markets and broader economy. The next move is China’s."
"Today another round of trade talks in Washington ended with no deal and President Trump says he’s in no rush," he added with disdain before pointing out how wrong Trump is about how tariffs work.
"The Wall Street Journal reports you could pay more for honey, mushrooms and fruit and clothing, handbags, laptops and mobile phones and furniture -- all of that," he explained. " And toilet paper, soap, pet food, lamps, air conditioners -- just in time for the summer."
"Prices are going up -- President Trump defending his decision to impose more tariffs tweeting there’s absolutely no need to rush," he charged. "Except that, as reported, prices of Chinese goods in America are going up and American farmers and producers will suffer. If the trade war drags on, the economy will be affected."
You can watch the video below via Fox News: