Fox News host Shep Smith needles Trump over tariff threat: They're essentially taxes -- and they hurt Americans

Fox News host Shepard Smith on Tuesday knocked President Donald Trump for threatening to escalate tariffs on Chinese goods amid ongoing trade negotiations.

"A live look on Wall Street, stocks down more than 2%. At one point, off 608 points after President Trump threatened to put new tariffs on Chinese goods and escalate the trade war," Smith said.

"Chinese officials, including country’s top economic advisers, are still headed to Washington supposedly to continue trade talks with the U.S. Some analysts had warned that China would back out after the president’s threat."

"Remember, tariffs are essentially taxes. Taxes on Chinese imports and in retaliation on U.S. exports to China. The taxes are paid by companies and those companies pass along all the costs to us. To the consumers. Tariffs hurt American farmers and other producers and American consumers as the cost of goods goes up," Smith remarked.