(NBC News) President Trump has raised tariffs on billions of dollars of Chinese imports.
The president defended his strategy Friday in a flurry of tweets, writing the talks with Chinese officials were “moving in a very congenial manner – there is absolutely no need to rush” and adding “Tariffs will bring in far more wealth” to the United States.”
Many economists disagree.
“Despite what the president says, we know from history going back to the 1930s and other periods, where you see a full scale trade war among countries around the world it could cause a recession. It could cause the global economy to tip over. It’s a dangerous game to play,” says CNBC senior analyst Ron Insana.
The increased tariffs will translate to higher prices on everything from cars and appliances to smart phones and shoes.