Shep Smith tosses Trump’s own words back in his face as his trade war sends the stock market into chaos

During today's edition of Shepard Smith Reporting, Fox News host Shepard Smith tore into President Trump's lofty proclamations about his trade wars.

"'Trade wars are good, and easy to win,' so said President Trump. Today, not so much," Smith said at the outset of his segment, adding that experts are speculating that a recession is on the way thanks to Trump's trade war.

"This is not about the Federal Reserve," Smith said. "It's about the trade war -- the 'good and easy to win' trade war."

Smith said that although Trump's words have "sent the markets on violent swings," they are "just words. There is no change."

"Tariffs are in place," Smith continued. "They are already costing the American family an average of $600 to $800 a year, depending on who's doing the measuring. More tariffs are slated for this Sunday. That means on Monday prices go up -- prices on school supplies and clothing, food and diapers and wine, you name it. And still, more tariffs in October, then more in December."

Smith reminded viewers that "tariffs are taxes and American consumers pay them."

"That hurts Americans. It hurts consumers and it will hurt more because prices will go up on Monday. It’s already hurting farmers and manufacturers because China isn’t buying their crops and goods."

Watch the full segment below: